CHFJPY quotes have been on an upward trend since the end of February. Looking at the D1 interval, the exchange rate has undergone a downward correction, which reached a key support level. We are talking about the level of 181.50, where the lower limit of the 1:1 pattern falls, which is the largest correction in the aforementioned upward impulse. According to the Overbalance methodology, maintaining support may herald a resumption of the upward trend. If this scenario materializes, a move towards 186.00 is possible. On the other hand, if there is an upward breakout, the movement may reach as high as 189.20, where the 161.8% external retracement of the last major correction is located - the blue Fibonacci grid. On the other hand, if the 1:1 pattern (green rectangles) is negated, the downward correction may extend towards support at 180.00.
CHFJPY D1 interval. Source: xStation5
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