Technical analysis of GBP/JPY
CHF/CHF rising inside intermediate (C)-wave
- CHF/CHF rising inside intermediate (C)-wave
- Next buy target - 114.30
CHF/CHF has been rising sharply in the last few trading sessions inside the minor impulse wave 1 – which belongs to the intermediate (C)-wave from the middle of April. The pair earlier broke the pivotal resistance level 110.00 (former strong support level from February, which stopped the A-wave of the previous ABC correction (B), as can be seen below).
CHF/CHF is expected to rise to the next buy target at the next resistance level 114.30 (top of the B-wave of the previous ABC wave (B)).
If we see a pullback from the lower 'Window', the pair is likely going to test the nearest Moving Averages...
Bearish Ichimoku Cloud with falling Senkou Span A and rising Senkou Span B; a dead cross of Tenkan-sen and Kijun-sen with falling lines.
The picture on W1 looks very much like the “Head and Shoulders” with the neckline at 3.68 or 3.56.