Patterns: USD/CHF, EUR/GBP
|USD/CHF likely to maintain channel
The US Dollar has declined by 1.19% against the Swiss Franc since October 12. The currency pair breached the 50– and 200– period simple moving averages during last week's trading sessions.
As for the near future, the exchange rate could continue to edge lower in a descending channel pattern during this week's trading sessions. The potential target for sellers will be near the 0.9160 area.
However, the USD/CHF currency exchange rate might find support at 0.9196 during the following trading sessions.
EUR/GBP decline could continue
The Eurozone single currency has edged lower by 2.18% against the British Pound since the beginning of October. The currency pair breached the 0.8500 support level last week.
All things being equal, the exchange rate could continue to trend lower during the following trading sessions. The potential target for bearish traders will be near the 0.8350 area.
However, the currency exchange rate could encounter support at 0.8420 within this week's trading sessions.
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