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CHFJPY recently reversed up from the support level 113.300 (low of the previous correction (a) and the former resistance from June) – intersecting with the 50% Fibonacci retracement of the previous upward impulse wave (i) from last month. Given the moderately bearish yen sentiment and the powerful bullish Swiss franc sentiment seen across the FX traders today – CHFJPY is likely extend the gains toward the next resistance level 114.500 (former monthly high from the start of June).
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