Thu, Jun 08, 2023 @ 09:08 GMT

CHFJPY Wave Analysis

  • CHFJPY broke daily up channel
  • Likely to rise to resistance level 133.00

CHFJPY currency pair continues to rise after the pair broke through the resistance trendline of the daily up channel from the end of last month.

The breakout of this up channel accelerated the active impulse wave (1) which started earlier from the support zone lying between the key support level 127.00 (former multi-month high from January), the support trendline from September and the 61.8% Fibonacci retracement of the upward impulse from November.

Given the clear daily uptrend, CHFJPY currency pair can be expected to rise further toward the next resistance level 133.00.

FxPro is an award-winning online broker offering Contracts for Difference (CFDs) on forex, futures, spot indices, shares, spot metals and spot energies. FxPro serves clients in over 150 countries worldwide and offers multilingual customer support 24/5. Trading CFDs involves significant risk of loss.

Featured Analysis

Learn Forex Trading