Patterns: CHF/JPY, AUD/CHF

Dukascopy Bank Team Dukascopy Bank SA

CHF/JPY 4H Chart: Falling wedge

The Swiss Franc has been moving in several patterns against the Japanese Yen since the beginning of this year. The currency pair is currently trading in a falling wedge-like formation.

After hitting the upper boundary of a dominant channel on June 13, the CHF/JPY exchange rate began a new wave down. As a result, the price has declined 176-pips or 1.57 percent. At the time of this analysis, the pair has encountered a support cluster set by the 200-hour simple moving average and the weekly pivot point near the 110.40 mark.

Technical indicators flash bearish signals for the next couple of hours, therefore, bears might grow stronger during the following hours.

AUD/CHF 4H Chart: Breakout alerts

The Australian Dollar has depreciated significantly against the Swiss Franc since the beginning of June. The decline started after the currency pair hit strong resistance cluster formed by the weekly and the monthly PPs near the 0.7570 mark.

During the past week, the 55-, 100-, 200-hour SMAs has pressurized the AUD/CHF exchange rate further south, as a result, the pair has lost more than 170 base points or 2.34 percent.

Given that a breakout had occurred through the lower boundary of an ascending trend line, the currency exchange rate could begin a long-term journey south, targeting the bottom border of a dominant descending pattern.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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