The Swiss Franc declined by 177 pips or 1.50% against the Japanese Yen during last week’s trading sessions. The CHF/JPY currency pair breached the 116.00 level last week.
All things being equal, the exchange rate could continue to decline during the following trading sessions. A breakout through the lower boundary of an ascending channel pattern is likely to occur.
However, the 50– and 100– period simple moving averages at 116.55 could provide support for the currency exchange rate in the shorter term.
