The CHF/JPY pair has confirmed the end of its corrective bullish phase, closing consistently below the 174.30 barrier. This has led to the formation of negative waves, with the price settling near the 172.50 level.
As the Stochastic indicator attempts to approach oversold territory, the likelihood of gaining additional negative momentum increases. Consequently, we anticipate a strong bearish decline, with the first target set at 171.60, followed by a push towards the next support level at 170.80.
The expected trading range for today is between 171.60 and 173.00.
Trend Forecast: Bearish
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