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CHFJPY reverses higher from 187.70 support toward 192.15
The move follows a reversal from the 187.70 support zone that formed a daily double bottom and halted the prior downside impulse.
Action Forex said the CHFJPY currency pair recently reversed upward from a support zone around 187.70, stopping a downward impulse that had been in place since late September.
The outlet linked the turn to a daily double bottom pattern formed in the 187.70 area and cited bullish divergence on the daily stochastic oscillator.
Action Forex added that CHFJPY is likely to continue higher toward the next resistance level at 192.15, which it described as former support from the start of August that also stopped wave ii at the end of September.
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Sources
Action ForexCHFJPY Wave Analysis
Action ForexEURCHF Wave Analysis