CHFJPY Wave Analysis 8 November 2024

- CHFJPY broke daily up channel
- Likely to fall to support level 174.00

CHFJPY currency pair under bearish pressure after the earlier breakout of the support trendline of the sharp daily up channel from the end of September.

The breakout of this up channel accelerated the active minor corrective wave 2, which started earlier from the key resistance 177.00, which has been reversing the pair from July.

Given the strongly bullish Yen sentiment seen across the currency markets today, CHFJPY currency pair can be expected to fall to the next support level 174.00 (target price for the completion of the active wave 2).