CHFJPY Price Analysis
Expected Scenario
The CHFJPY currency pair recently concluded its bullish rally, encountering solid resistance at the 176.95 mark. This resistance has triggered correctional bearish waves, causing the price to settle near 176.55. Despite the overall stability within the bullish channel, the continuous negative closings below the aforementioned resistance level and stochastic indicators attempting to exit the overbought areas confirm a shift towards a correctional bearish bias. This suggests the potential for further downward movement towards 176.20 and possibly 175.80 before any new attempt to reach positive targets.
Expected Trading Range
- Upper Boundary: 176.80
- Lower Boundary: 176.20
Trend Forecast: Bearish
In conclusion, traders should be cautious of the bearish trend and watch for potential support levels at 176.20 and 175.80. Continuous monitoring of resistance levels and stochastic indicators will be crucial in identifying any shifts in market sentiment.
