As a result of lasting since mid-March this year declines, CHFJPY falling below 111.00 broke the bottom of November last year consolidation. These drops reached an extremely important support level around 108.00 and despite the fact that this level was initially defeated, the market reached only near 61.8% of the Fibonacci correction, otherwise known as the gold ratio, where demand response occurred.

It is worth noting that this was  first re-test of this support zone since its defeat on November 14th last year.

CHFJPY Daily

200 pips growth potential

Since the beginning of the week we have seen increases that could technically reach even 111.00. It is worth mentioning that this level has not yet been tested from below and now also coincides with the 50% Fibonacci correction from the last downward impulse.

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