USD/CHF 4H chart: Breakout occurs
The US Dollar has declined by 1.72% against the Swiss Franc since April 1. A breakout occurred through the lower boundary of an ascending channel pattern during yesterday's trading session.
Given that a breakout has occurred, bearish traders are likely to target the 0.9200 level during the following trading sessions.
However, a support cluster formed by the weekly S3 and the 200– period simple moving average near the 0.9258 area could provide support for the USD/CHF currency exchange rate in the shorter term.
EUR/GBP 4H chart: Potential targets at 0.8640
The common European currency has surged by 1.41% against the British Pound since the beginning of this week. The currency pair breached the upper boundary of a descending channel pattern during yesterday's trading sessions.
All things being equal, the EUR/GBP exchange rate is likely to continue to trend bullish during the following trading sessions. The potential target for buyers will be near the 0.8640 level.
However, a resistance cluster formed by the weekly R2 and the 200– period simple moving average at 0.8587 could provide resistance for the currency exchange rate within this week's trading session.
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.