Technical analysis

CHFJPY Wave Analysis 9 January 2024

– CHFJPY reversed from resistance level 170.00

– Likely to fall to support level 168.00.

CHFJPY currency pair recently reversed down from the pivotal resistance level 170.00 (former Double Top from November) intersecting with the upper daily Bollinger Band.

The downward reversal from the resistance level 170.00 stopped the earlier impulse wave C from the start of this month.

Given the strength of the resistance level 170.00 and the overbought daily Stochastic, CHFJPY can be expected to fall further to the next support level 168.00.

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