The CHFJPY closed the last bullish rally by recording the main target at 202.10, facing a %261.8 Fibonacci extension level, forming strong barrier against the bullish attempts in the current period, which forces it to form some bearish corrective waves, to settle near 201.45.

 

Note that the continuation of the stability below the current obstacle and stochastic reaching the overbought level will increase the chances of forming new corrective waves, to target 200.75 and 200.00 level, while breaching the barrier and holding above it will confirm its readiness to record new gains that might begin at 202.80.

 

The expected trading range for today is between 200.75 and 202.10

 

Trend forecast: Bearish