The CHFJPY currency pair has maintained its upward momentum, benefiting from positive signals from the stochastic oscillator. The pair is now pressing against the 50% Fibonacci retracement level, which serves as a critical resistance point at 172.65. This level remains a key barrier as the pair attempts to resume its bullish trend and achieve further gains in the near future.
While some consolidation or sideways movement is possible, the pair is likely to continue testing this resistance. A successful break above 172.65 would open the path for a move toward the 173.50 level. Should it clear this level, the next major target would be at 174.40.
Expected Trading Range for Today: 171.95 – 173.50
Trend Outlook: Bullish
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