Patterns: CAD/CHF, CHF/JPY
|CAD/CHF 4H Chart: Bearish run to continue
The Canadian Dollar has continued to trade in a descending channel pattern against the Swiss Franc. The currency pair has declined by 176 pips or 2.34% in value since the beginning of January.
Everything being equal, the CAD/CHF exchange rate will most likely continue to decline in the descending channel pattern. The pair could target the 0.7250 area during next week's trading sessions.
Although, the currency exchange rate might make a U-turn from a support cluster at 0.7328 during the following trading sessions.
CHF/JPY 4H Chart: Possible breakout
The Swiss Franc has been trading bearish against the Japanese Yen since the middle of January. The currency pair breached the 50-, 100– and 200– hour SMAs during these two weeks.
As for the near future, the CHF/JPY exchange rate could continue to trade bearish. A possible breakout through the lower boundary of an ascending channel pattern could occur during the following trading sessions.
However, a support cluster formed by the weekly S2 and the monthly pivot point at 111.53 could provide support for the currency exchange rate within next week's trading sessions.
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