– CHFJPY broke wide daily up channel
– Likely to rise to resistance level 180.00
CHFJPY currency pair under the bullish pressure after the earlier breakout of the key resistance level 175.00 (previous monthly high from April, as can be seen from the daily CHFJPY chart below). The breakout of the resistance level 175.00 accelerated the active impulse waves 3 and (3), which then broke the resistance trendline of the wide daily up channel from last year. Both of the active waves 3 and (3) belong to the higher order impulse wave (3) from the end of March.
Given the clear daily uptrend and the strongly bullish Swiss franc sentiment, CHFJPY currency pair can be expected to rise further toward the next resistance level 180.00, target price for the completion of the active impulse wave 3.
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