• CHFJPY reversed from support level 117.60
• Likely to rise to resistance level 118.60
CHFJPY today reversed up from the key support level 117.60 (former resistance from the end of March) – intersecting with the 38.2% Fibonacci correction of the previous upward impulse from last month.
The upward reversal from the support level 117.60 will most likely create the daily reversal pattern Bullish Engulfing – if the pair closes today near the current levels.
CHFJPY is likely to rise further toward the next resistance level 118.60 (which stopped the previous waves (i) and (b)).