Patterns: EUR/GBP, USD/CHF
EUR/GBP 4H Chart: Bounces off support
The common European currency declined by 2.79% against the British Pound during last week's trading sessions. The currency pair tested the lower line of an ascending channel pattern at 0.8959 on December 24.
The exchange rate bounced off from the support line formed by the lower boundary of the ascending channel during yesterday's trading session.
Most likely, the EUR/GBP currency exchange rate could continue to edge higher during this week's trading sessions.
The possible target for the currency exchange rate would be near the 0.9200 level.
USD/CHF 4H Chart: Decline to continue
The US Dollar has declined by 2.94% against the Swiss Franc since December 1. The currency pair breached the lower line of a descending channel pattern at 0.8825 on December 8.
All things being equal, the exchange rate could continue to edge lower during the following trading sessions. A breakout through the lower boundary of the descending channel pattern is likely to occur.
However, a support cluster formed by the 50– and 100– period SMAs at the 0.8871 area could provide support for the USD/CHF currency exchange rate in the short-term.
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