CHFJPY currency pair can be expected to fall further to the next support level 192.00 (former monthly low from last December).
- CHFJPY broke support zone
- Likely to fall to support level 192.00
CHFJPY currency pair has been falling sharply after the price broke the support zone between the key support level 197.30 (which has been reversing the price from the January, as can be seen from the daily CHFJPY below) and the support trendline of the daily down channel from April. The breakout of this support zone accelerated the active intermediate impulse wave C – which belongs to the extended ABC correction B from April.
Given the strength of the active intermediate impulse wave C and the widely spread bearish yen sentiment seen across the FX markets today (on BOJ interventions), CHFJPY currency pair can be expected to fall further to the next support level 192.00 (former monthly low from last December).