Patterns: CHF/JPY CAD/CHF
|CHF/JPY 4H Chart: Breaches channel pattern
During the past week, the Swiss Franc declined by 101 pips or 0.90% in value against the Japanese Yen. The currency pair tested the lower boundary of an ascending channel pattern at 112.08 on February 13.
Given that the exchange rate has breached the channel pattern, a decline towards a support cluster formed by the weekly S3 and the monthly S1 at 110.77 could be expected in the shorter term.
However, a support level formed by the weekly S1 at 111.95 and the weekly S2 at 111.67 could provide support for the currency exchange rate within next week's trading sessions.
CAD/CHF 4H Chart: Could make slight upward movement
The Canadian Dollar has edged higher by 137 pips or 1.89% in value against the Swiss Franc since last week's trading sessions. The currency pair tested the 200– period simple moving average at 0.7391 during the morning hours of today's session.
As for the near future, the exchange rate could make a slight upside movement towards the resistance cluster formed by the weekly R2, the monthly R1 and the upper boundary of a descending channel pattern at 0.7426.
The CAD/CHF currency exchange rate will most likely make a downside retracement from the resistance cluster, as mentioned earlier, during next week's trading sessions.
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