Technical analysis

CHFJPY Wave Analysis 3 March, 2021

CHFJPY Wave Analysis 3 March, 2021

• CHFJPY reversed from support level 116.3

• Likely to reach resistance level 117.0

CHFJPY today reversed up from the support level 116.3 (which has been steadily reversing the price from the end of December as can be seen below).

The support zone near the support level 116.3 was strengthened by the lower daily Bollinger Band and by the 5 Fibonacci correction of the upward impulse from November.

Given the clear uptrend – CHFJPY is likely to rise in the active impulse wave (iii) toward the next resistance level 117.00.

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