CAD/CHF 4H Chart: Breakout occurs
The Canadian Dollar has declined by 1.93% against the Swiss Franc since September 8. The currency pair breached the 200– period simple moving average during this week's trading sessions.
A breakout occurred through the upper boundary of a descending channel pattern on September 22.
Given that a breakout has occurred, bullish traders could pressure the CAD/CHF exchange rate higher during the following trading sessions.
However, a resistance cluster formed by the 100– period SMA and the weekly R1 at 0.6920 could provide resistance for the currency exchange rate in the shorter term.
CHF/JPY 4H Chart: Decline could continue
The Swiss Franc has declined by 2.58% against the Japanese Yen since September 10. The currency pair tested the lower line of a descending channel pattern at 113.85 during yesterday's trading session.
Currently, the exchange rate is trading near the bottom border of the descending channel pattern and could be set for a breakout.
If the breakout occurs, bearish traders could pressure the CHF/JPY pair towards the 112.00 level during the following trading sessions.
However, if the channel pattern holds, bulls could target the resistance cluster at 115.38 next week.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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