The CHFJPY currency pair has consistently closed below the 177.25 level, increasing the likelihood of triggering the previously suggested corrective bearish trend. The stochastic indicator’s attempt to exit the overbought zone will facilitate the accumulation of the necessary negative momentum, aiming for target levels around 176.10 and 175.50.
Conversely, a rally above the current resistance level, coupled with a positive close above it, would confirm the pair’s readiness to resume bullish efforts, potentially leading to further gains toward the 177.80 and 178.30 levels.
The anticipated trading range for today is set between a support level of 176.10 and a resistance level of 177.10.
Trend Forecast: Bearish
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