Hello traders, today we will talk about CHFJPY. Well, as you can see, CHFJPY is in impulsive uptrend where we are observing a five-wave rise so there’s room for higher levels, just be aware of intraday corrections.
I know it’s CHF, but this looks clearly corrective for me. It’s wave 4) that can look for a support slightly below 114 region. Ideal support would be around 38,2% Fibonacci retracement of wave 3 and 113.70 level, but there can be room even for 113.30 level. However, as long as it’s above 112.05 invalidation level, we will remain bullish.
Any earlier or later rally back above 115.10 region would confirm a completed correction in wave 4) and then we can expect more upside towards minimum 116 area or maybe even higher.
CHFJPY, 4H
