Patterns: USD/CHF, EUR/GBP
|USD/CHF 4H Chart: Could continue to edge higher
The US Dollar has continued to surge against the Swiss Franc. The currency pair edged higher by 3.11% during last week's trading sessions.
All things being equal, the exchange rate could continue to surge in an ascending channel pattern. Bulls could drive the price towards the 1.0100 area within this week's sessions.
However, a resistance cluster formed by the monthly R1 and the weekly R2 at 0.9977 could provide resistance for the currency exchange rate during the following trading sessions.
EUR/GBP 4H: Decline likely to continue
The Euros has declined by 7.48% against the British Pound since March 18. The currency pair breached the 50-, 100– and 200– period SMAs during the period.
The exchange rate is currently testing a support cluster formed by the 200– period simple moving average and the bottom border of an ascending channel pattern at 0.8812.
If the support cluster holds, the currency exchange rate could make a pullback towards the 0.9300 area.
However, if the EUR/GBP pair breaks the ascending channel pattern, a decline towards the 0.8447 regions could be expected this week.
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