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.
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.