Patterns: CHF/JPY, CAD/CHF
|CHF/JPY 4H Chart: Tests support cluster
The Swiss Franc traded sideways against the Japanese Yen during last week's trading sessions.
Currently, the exchange rate is trading near the bottom border of an ascending channel pattern at 109.80.
From a technical point of view, a breakout could occur within the following trading sessions.
However, a support cluster, formed by the weekly pivot point and the combination of the 50– and 100– hour SMAs, located near the 109.80 area, could provide support for the currency exchange rate in the nearest future.
CAD/CHF 4H Chart: Bullish signals
The Canadian Dollar depreciated about 1.79% in value against the Swiss Franc during last week's trading sessions. The currency pair tested a psychological support level at 0.7500 on November 1.
The exchange rate is currently trading near a support cluster formed by the 50– and 100– period SMAs and the weekly pivot point at 0.7546.
If the support cluster holds, bullish traders could drive the price towards the 0.7640 area during next week's trading sessions.
However, if the currency exchange rate breaks the 50– and 100– hour SMAs, a decline towards a swing low at 0.7455 could be expected within the following trading sessions.
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