In recent trading sessions, the CHFJPY pair has commenced a decline, affirming its susceptibility to a prevailing bearish sentiment. This downturn became evident following a robust downward movement subsequent to testing the resistance line at 166.70, ultimately slipping below the MA55 and settling around 162.65.
Analysts anticipate the emergence of a supplementary hurdle around the 164.30 level. Concurrently, stochastic indicators indicate a negative momentum, reinforcing the prospect of new downward movements, with a particular focus on attaining the 162.20 level. A breach of this critical barrier could potentially extend losses, targeting the 161.15 level as the subsequent primary objective for bearish trades.
The projected trading range for the current session is forecasted to fluctuate between 163.90 and 162.20, aligning with the prevailing bearish trend anticipated for the day.