• CHFJPY reversed from the pivotal resistance level 123.60
• Likely to fall to support level 122,45
CHFJPY currency recently reversed down from the pivotal resistance level 123.60 (top of the sideways price range inside which the pair has been trading from the middle of November), intersecting with the upper daily Bollinger Band. The downward reversal from the resistance level 123,60 created the daily Japanese candlesticks reversal pattern Bearish Engulfing – starting the active impulse wave (c).
Given the strongly bearish Swiss franc sentiment that can be observed across the currency markets today, CHFJPY currency pair can be expected to fall further toward the next support level 122,45 (lower boundary of the active sideways price range).