LeoPrime Daily Market Analysis

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CHFJPY reversed from resistance level 116.300; Likely to rise to 115.300

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).

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