CHFJPY has been rising in the last few trading sessions inside the sharp impulse wave 3 – which started earlier with the daily reversal pattern Bullish Engulfing from the key support level 111.200 (which has been reversing the price from the end December). Given the rising daily Momentum and the strength of the daily uptrend, CHFJPY is likely to rise further toward the next resistance level 112.600 (previous monthly high from December). Expect downward correction when price reaches this resistance level.
