CHFJPY Technical Analysis Report 9 December, 2020

  • CHFJPY rising inside impulse wave (iii)
  • Likely to reach 117.85

CHFJPY currency pair continues to rise inside the sharp upward impulse wave (iii) which belongs to the impulse wave 3 from the middle of November. This currency pair earlier broke through a number of consecutive resistance levels – 116.00 (monthly high from November and the 61.8% Fibonacci correction of the previous downward correction (2) from August to September), resistance level 116.60 (monthly high from October) and most recently – above the resistance level 117.25 (top of wave B from September).

Given the strength of the active impulse waves (iii), 3 and (3) as well as the clear daily uptrend – CHFJPY is expected to rise further toward the next round resistance level 117.85 (multi-month high from August and the target price for the completion of the active minor impulse wave (iii)).

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