Alex Dudov
CHF/JPY continues to trade with a clear bullish bias, supported by an impulsive structure that remains intact on the hourly chart. According to Elliottwave Forecast, the pair is eyeing a move toward the 205.48 - 207.88 range, with further upside dependent on a break above recent swing highs.
The market is advancing in clearly defined legs rather than erratic movement - a structure that typically reflects controlled buying pressure rather than unstable spikes.
CHF/JPY Impulsive Structure Holds Firm
The chart shows a sustained upward trend built on a sequence of higher highs and higher lows. Price action unfolds in a recognizable impulsive pattern, with each advance followed by relatively shallow pullbacks that do not disrupt the broader structure.
Wave progression labeling on the chart highlights continued momentum. This type of structure typically reflects controlled buying pressure rather than unstable spikes, giving traders a cleaner read on directional intent.
The pullback remains contained within the broader bullish framework - there is no visible breakdown below prior support zones, and price continues to hold above the structural base of the move.
A Pause Beneath Recent CHF/JPY Highs
After reaching the 203 - 204 area, CHFJPY enters a short-term consolidation phase, forming a corrective sequence marked as (a), (b), and (c). This pause occurs just below recent highs, indicating temporary hesitation rather than a reversal.
Importantly, the pullback remains contained within the broader bullish framework. There is no visible breakdown below prior support zones, and price continues to hold above the structural base of the move.
Key observations from the chart:
- Higher lows remain intact, supporting trend continuation
- Price consolidates just below recent highs
- Corrective structure appears limited in depth
- No breach of the invalidation level near 197.75
The Break That Unlocks the Next CHF/JPY Leg Toward 207.88
The immediate focus is on the recent swing highs near the 204 - 205 region. A move above this area would confirm continuation of the impulsive trend and align with the projected upside target of 205.48 - 207.88.
At the same time, the chart clearly defines the invalidation level near 197.75. As long as price holds above this zone, the bullish structure remains valid and favors further upside.
The current setup reflects a market that is consolidating near highs rather than reversing - often a signal that momentum is preparing for continuation rather than exhaustion.
A clean break higher would reinforce that structure and extend the trend already in place, pointing squarely at the 205.48 - 207.88 target zone as the next logical destination.
Alex Dudov
