Patterns: USD/CHF, EUR/GBP
|USD/CHF 4H Chart: Short-term gain expected
The US Dollar has declined about 2.45% in value against the Swiss Franc since August 1. The currency pair reached a seven-week low at 0.9693 on during last week's trading sessions.
As for the near future, it is likely that the USD/CHF exchange rate will regain some of its lost positions. The potential target for bulls would be near a resistance cluster formed by the 50.00% Fibonacci retracement level and the combination of the weekly and the monthly PPs at 0.9819.
However, technical indicators demonstrate that the currency exchange rate might continue its decline within this week's trading sessions.
EUR/GBP 4H Chart: Slight upside move still likely
The single European currency reversed from the bottom border of an ascending channel against the British Pound seven weeks ago. As a result, the currency pair had gained about 4.40% in value during this short period.
Most likely, the exchange rate might make a brief retracement down within this week's trading sessions. The possible target for bearish traders will be near the 100-hour simple moving average at 0.9095.
However, technical indicators flash buy signals on both the smaller and the larger time-frame charts. Therefore, the currency exchange rate might still make a slight upside movement in the coming days.
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