Technical analysis

CHFJPY Wave Analysis – 02 August, 2021

• CHFJPY reversed from resistance zone

• Likely to fall to support level 120.00

CHFJPY recently reversed down from the resistance zone lying between the key resistance level 121.00 (which stopped the upward correction (a) in June) and the upper daily Bollinger Band.

This resistance zone was further strengthened by the 61.8% Fibonacci correction of the previous downward ABC correction 2 from the middle of June.

Given the strength of the aforementioned resistance area – CHFJPY can be expected to fall further toward the next support level 120.00.

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