Patterns: CHF/JPY, CAD/CHF
|CHF/JPY 4H Chart: Pair shows weakness
The Swiss Franc has appreciated significantly against the Japanese Yen since the beginning of May. The currency pair reversed from it lower boundary of an ascending channel pattern on May 8 and has since gained 4.27% of its value and also reached a four-month high level.
However, after reaching the upper border of a dominant descending channel, the exchange rate began to decline. This could be considered as a temporary retracement down.
Given that the three SMAs are located above the price, it is likely that the Swiss Franc could continue to fall during the following trading sessions.
CAD/CHF 4H Chart: Stranded between SMAs
The Canadian Dollar has been moving in an ascending channel against the Swiss Franc since late June. The currency pair bounced off it bottom border on June 24 and rose to a one-month high level at 0.7679.
The exchange rate was pressured from both sides by the SMAs. The 55-hour simple moving average was providing resistance, while the 100– hour SMA and the monthly pivot point was providing support.
Everything being equal, it is likely that the CAD/CHF currency exchange rate continue trading in the uptrend channel during the following trading session until the monthly resistance level at 0.7668 is breached.
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