The CHFJPY currency pair has experienced several negative waves, leading it to fall below the support line of its bullish channel at 173.20. The pair has since extended its losses, touching a low of 173.13.
Stochastic indicators are approaching oversold conditions, which heightens the probability of accumulating enough negative momentum to confirm a break below the bullish channel’s support line. This development could signal a shift towards new bearish targets, potentially starting at 171.75 and extending to 170.60.
The expected trading range for today is between 173.10 and 172.00.
Trend Forecast: Bearish
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