CHFJPY Wave Analysis – 8 July, 2020

• CHFJPY approached multi-month resistance level 114.60

• Likely to correct down to 114.00

CHFJPY recently rose sharply and is currently trading near the powerful multi-month resistance level 114.60 (which has been reversing the price from the end of 2018, as can be seen below).

The resistance zone near the resistance level 114.60 is strengthened by the upper weekly Bollinger band.

Given the overbought weekly Stochastic – CHFJPY might correct down from the current levels toward the next support level 114.00. If the pair breaks above 114.60 – CHFJPY should then test next resistance at 115.00.