Patterns: EUR/CHF, AUD/CAD
|EUR/CHF 4H Chart: Decline likely to continue
Since this week's trading sessions, the common European currency has depreciated about 0.93% in value against the Swiss Franc. The currency pair tested the 61.80% Fibonacci retracement level at 1.0928 on December 4.
If the support line, formed by the 61.80% Fibo level holds, bullish traders could pressure the EUR/CHF exchange rate towards the 1.1040 area could be expected during the following trading sessions.
However, if the currency exchange rate breaks the support level, the next target for bears will be at the 1.0880 zones within the following week's trading sessions.
AUD/CAD 4H Chart: Tests 0.9022 area
During the first part of this week's trading sessions, the Australian Dollar appreciated about 1.57% in value against the Canadian Dollar. However, the currency pair reversed south from the 0.9120 area on December 3.
Currently, the AUD/CAD exchange rate is testing the lower boundary of an ascending channel pattern at 0.9016.
If the channel pattern holds, a surge towards the psychological level at 0.9250 could be expected in the nearest future.
Although, it seems likely that the currency exchange rate will break the ascending channel pattern before the end of this week's trading sessions.
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