CHFJPY recently reversed down from the key resistance level 116.300 (which is the monthly high from June) – intersecting with the upper daily Bollinger Band. The downward reversal from this resistance level started the active short-term corrective wave (ii). Given the strong bearish sentiment affecting the Swiss franc today – coupled with the clear bearish RSI divergence – CHFJPY is likely to extend the losses toward the next support level 115.300 (former minor correction low).