During the past week, the Swiss Franc declined by 101 pips or 0.90% in value against the Japanese Yen. The currency pair tested the lower boundary of an ascending channel pattern at 112.08 on February 13.
Given that the exchange rate has breached the channel pattern, a decline towards a support cluster formed by the weekly S3 and the monthly S1 at 110.77 could be expected in the shorter term.
However, a support level formed by the weekly S1 at 111.95 and the weekly S2 at 111.67 could provide support for the currency exchange rate within next week’s trading sessions.
