Patterns:USD/CHF, EUR/CHF
|USD/CHF 4H Chart: Breaches support level
The US Dollar has been appreciating against the Swiss Franc after the currency pair reversed from the lower boundary of a narrow ascending channel at 0.9550.
The exchange rate breached the bottom border of the narrow channel at 0.9894 during the morning hours of Thursday's trading session. From a technical point of view, the next target for the currency exchange rate will be near the weekly support level at 0.9834.
If that support level as mentioned above holds, the USD/CHF currency pair will make a reversal north towards the weekly R1 at 0.9983 during the following trading sessions.
On the other hand, if the rate passes that support line, it could aim at the 100-hour SMA at 0.9776 within this session.
EUR/CHF 4H Chart: Remains near support cluster at 1.1401
The common European currency has been trading in a long-term descending channel against the Swiss Franc. This movement began after the currency pair reversed from the upper boundary of the channel pattern at 1.1873 on May 15.
However, the exchange rate has increased its trading range during the past few weeks. Currently, the pair is trading near the up border of the long-term descending channel at 1.1450 and could be set for a breakout.
If a support cluster formed by the 50-hour SMA and the weekly pivot point at 1.1405 holds, the next target for the currency exchange rate will be 1.1484 during the following trading sessions.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.