Given the strength of the resistance level 203.4, moderate outflows from Swiss franc on the easing of the security situation in the USA-Iran conflict and the bearish divergence on the daily Stochastic indicator, CHFJPY currency pair be expected to fall to the next support level 201.00 (which stopped the previous minor correction 4).
- CHFJPY reversed from resistance area
- Likely to fall to support level 201.00
CHFJPY currency pair recently reversed down from the resistance area between the resistance level 203.4 (which stopped the previous waves iii and 3) and the upper daily Bollinger Band. The downward reversal from these resistance levels stopped the earlier short-term impulse wave 5 – which belongs to the intermediate impulse wave (3) from the end of August. The price earlier formed the daily Japanese candlesticks reversal pattern Shooting Star near this resistance area – which is the strong sell signal for this currency pair.
Given the strength of the resistance level 203.4, moderate outflows from Swiss franc on the easing of the security situation in the USA-Iran conflict and the bearish divergence on the daily Stochastic indicator, CHFJPY currency pair be expected to fall to the next support level 201.00 (which stopped the previous minor correction 4).
CHFJPY Technical Analysis