Patterns: CAD/CHF, NZD/JPY
|CAD/CHF bulls could prevail
The Canadian Dollar has surged by 115 pips or 1.60% against the Swiss Franc since this week's trading sessions. The currency pair breached the 50– and 200– period SMAs on September 23.
Technical indicators suggest selling signals on the 4H and daily time-frame charts. The exchange rate could continue to edge higher in an ascending channel pattern during next week's trading sessions.
However, the currency exchange rate could encounter resistance at 0.7340 within this week's session.
NZD/JPY bounces off support
The NZD/JPY currency pair bounced off the lower boundary of an ascending channel pattern at 76.35 on September 21. As a result, the New Zealand Dollar has surged by 173 pips or 2.26% against the Japanese Yen since this week's trading sessions.
Given that the exchange rate has bounced off the support line, bullish traders could continue to pressure the price higher during the following trading sessions.
However, the currency exchange rate might encounter resistance at 78.60 within this session.
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