CHFJPY Bearish Momentum: Technical and Fundamental Insights

CHFJPY Bearish Momentum: Technical and Fundamental Insights"

Technical Analysis:
CHFJPY has entered a strong bearish phase following the breakout from an aggressive Ascending Channel Pattern. This breakout signals the potential for further price declines. After any minor corrections, CHFJPY is likely to continue its downward trajectory. Key target levels to watch in the coming days are 167.70 and 166.70, as the bearish momentum remains robust and aggressive.

Fundamental Analysis:
Yesterday, the Bank of Japan (BoJ) maintained its interest rates at 0.5%. Meanwhile, today, the Swiss National Bank (SNB) announced a rate cut of 25 basis points, bringing its rates down to 0.25%.

For the first time in three years, a significant gap has emerged between the interest rates of these two safe-haven currencies. This divergence could further weigh on CHFJPY. If the SNB refrains from intervening in the forex market, we may see continued downward pressure on the pair.

You may find more details in the chart!
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