Patterns: CHF/JPY, CAD/CHF

Dukascopy Bank Team Dukascopy Bank SA

CHF/JPY 4H Chart: Two scenarios likely

The Swiss Franc has been trend bullish in an ascending channel pattern against the Japanese Yen since the end of September. The currency pair declined by 131 pips or 1.13% during last week's trading sessions.

Currently, the exchange rate is trading near the bottom border of the channel pattern and could be set for a breakout.

If the breakout occurs, bears are likely to pressure the CHF/JPY pair lower towards the 114.50 level during the following trading sessions.

However, if the ascending channel pattern holds, the currency exchange rate could continue to trend higher during next week's trading sessions.

CAD/CHF 4H Chart: Decline likely to continue

The Canadian Dollar has declined by 89 pips or 1.28% against the Swiss Franc since last week's trading sessions. The CAD/CHF currency pair breached the 0.6900 level this week.

Technical indicators suggest selling signals on the 4-hour time frame chart. Most likely, bears could continue to push the exchange rate lower during the following trading sessions.

However, a support level at 0.6860 might provide support for the currency exchange rate in the shorter term.

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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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