Given the strong daily uptrend and increasing safe-haven inflows into Swiss franc, CHFJPY currency pair can be expected to rise to the next resistance level 203.40 (which stopped the previous impulse wave b at the start of February).
- CHFJPY reversed from support area
- Likely to rise to resistance level 203.40
CHFJPY currency pair recently reversed up from the support area between the key support level 197.50 (former resistance from December, actin g as the support after it was broken in January as can be seen from the daily CHFJPY chart below), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from December. The upward reversal from this support area started the active short-term impulse wave v, which belongs to the impulse wave 3 from the start of December.
Given the strong daily uptrend and increasing safe-haven inflows into Swiss franc, CHFJPY currency pair can be expected to rise to the next resistance level 203.40 (which stopped the previous impulse wave b at the start of February).
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