Technical analysis

CHFJPY Wave Analysis August 25, 2023

– CHFJPY reverses from support level 164.30

– Likely to rise to resistance level 166.60

CHFJPY currency pair earlier reversed up from the support level 164.30 (former resistance that stopped the previous impulse wave 1 at the start of August).

The support level 164.30 was strengthened by the nearby 20-day moving average and by the support trendline of the daily up channel from March.

Given the strong daily uptrend, CHFJPY can be expected to rise further to the next resistance level 166.60 (which reversed the pair earlier this month).

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