The US Dollar declined by 251 pips or 2.60% against the Swiss Franc during last week’s trading sessions. The currency pair tested the lower boundary of a descending channel pattern at 0.9385 on June 12.
As for the near future, the exchange rate could continue to decline in the descending channel pattern. The potential target for bearish traders would be at the monthly S3 at 0.9338.
However, the monthly support level at 0.9450 could provide support for the currency exchange rate within this week’s trading sessions.
