Since July 31, the common European currency has depreciated about 1.89% in value against the Swiss Franc. The currency pair was pressured by the 100– hour simple moving average.

The exchange rate was trading near the bottom border of a descending channel pattern at 1.0854 during the morning hours of Thursday’s trading session and could be set for a breakout.

If this breakout occurs, bearish traders could aim at the weekly S3 at 1.0759 during next week’s trading sessions.

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On the contrary, the weekly S1 and the monthly S2 near the 1.0854 area could provide support for the EUR/CHF currency exchange rate and help push the pair towards the 100– hour SMA at 1.09571 in the short-term.

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