Patterns: CHF/JPY AUD/CHF
|CHF/JPY 4H Chart: Breaches support cluster
The Swiss Franc has lost about 1.30% of its values against the Japanese Yen since December 11. The decline has led the currency pair to breakout through the lower boundary of a junior ascending channel pattern.
The exchange rate breached a support cluster formed by the monthly and the weekly pivot points at 113.30 during the morning hours of Wednesday's trading session.
As for the near future, it is likely that the CHF/JPY currency exchange rate edges lower towards the bottom border of a dominant ascending channel at 112.50.
AUD/CHF 4H Chart: Remains near 0.7100
The Australian Dollar has decreased its trading range against the Swiss Franc. This decline started after the currency pair reversed from the upper boundary of an ascending channel at 0.7377.
The exchange rate was trading near a swing low of 0.7100 during the first part of Wednesday's session.
Everything being equal, it is likely that a newly formed junior descending channel pattern could guide the currency exchange rate lower during the following trading session and potentially breach a psychological support level of 0.71.
The possible targets for bearish traders will be near a support cluster at 0.7049.
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