Patterns: CAD/CHF, CHF/JPY
|CAD/CHF 4H Chart: Likely to maintain channel
The Canadian Dollar is currently trading in a narrow descending channel pattern against the Swiss Franc. The currency pair has declined by 1.60% since the middle of June.
As for the near future, the exchange rate will most likely continue to trend in the narrow descending channel pattern. The potential target for bearish traders will be at the 0.6850 level.
On the other hand, the currency exchange rate could breach the 50– period simple moving average at 0.6956 and target the 0.6998 area during the following trading sessions.
CHF/JPY 4H: Could edge higher
The Swiss Franc is gradually edging higher in a narrow ascending channel pattern against the Japanese Yen. The currency pair has surged by 2.18% since the middle of June. All things being equal, the CHF/JPY exchange rate could continue to surge in the narrow ascending channel pattern. Bullish traders could target the 115.40 level during the following trading sessions. However, the weekly resistance level at 114.80 could provide resistance for the currency exchange rate within this week's trading sessions.
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