The CHFJPY currency pair has successfully triggered a bullish momentum, maintaining stability above the key resistance level of 173.95, previously part of a bearish channel. This level now serves as a robust support point, helping propel the pair to a high of 176.45.
However, current market conditions show a slight consolidation as the stochastic indicator attempts to move out of the overbought zone. As a result, traders are likely to wait for additional positive momentum before expecting further upward movement. The next key resistance is seen at 176.75, and a break above this level would likely lead to further gains, potentially reaching the 177.40 mark.
Today’s projected trading range is between 174.85 and 176.70, with a prevailing bullish trend forecasted to continue.
Trend Prediction: Bullish
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