CHFJPY Technical Analysis Report 7 June, 2024
CHFJPY currency pair can be expected to fall further toward the next support level 174.00, which reversed the price at the start of this month.
– CHFJPY reversed from resistance area
– Likely to fall to support level 174.00
CHFJPY currency pair recently reversed down from the combined resistance area located between the key resistance level 175.00 (which stopped the previous sharp upward impulse wave (1), as can be seen from the weekly EURGBP chart below) and the lower daily Bollinger Band. The downward reversal from this resistance area stopped the previous impulse waves iii and 3, both of which belong to the higher order impulse wave (3) from the start of May .
Given the strength of this resistance area and the overbought daily Stochastic, CHFJPY currency pair can be expected to fall further toward the next support level 174.00, which reversed the price at the start of this month.
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