The Elliott wave view in the CHFJPY suggests that the pair should remain supported in 3, 7, or 11 swings & extend higher. Because the main cycle from the 13 January 2023 low is having a higher high impulse sequence favoring more upside to take place. Within the short-term sequence, the pullback in wave 4 unfolded as an expanded flat correction where wave ((a)) ended at 161.28 low. Wave ((b)) bounce ended at 163.98 high and ((c)) ended in a lesser degree 5 waves at 158.81 low.
Up from there, the pair rallied higher once again & managed to see a break above the 163.98 high. Thus confirming the next extension higher in the pair. The rally unfolded in an impulse sequence within wave ((i)) where lesser degree wave (i) ended at 160.72 high. Wave (ii) ended at 159.32 low, and wave (iii) ended at 164 high. Then wave (iv) ended at 162.87 low, and wave (v) ended at 164.03 high. Down from there, the pair is doing a wave ((ii)) pullback to correct the cycle from 7.28.2023 low. The internals of that pullback is unfolding as a zigzag structure where wave (a) ended at 162.07. Wave (b) ended at 163.76 high and wave (c) is expected to reach 161.80- 160.59 100%-161.8% Fibonacci extension area of (a)-(b). From there, the pair is expected to resume the upside or should produce a 3-wave bounce at least.
CHFJPY 1 Hour Elliott Wave Chart From 8.04.2023
