Exchange vs Serial Spell

Yes you can, these 2 rulings might help you understand the mechanics of it's functionality:
You can activate "Serial Spell" to copy the effect of a Normal Spell Card, even if it is "Raigeki" or "Soul Exchange" and copying the effect serves no real purpose.

If you chain "Serial Spell" to "Dragged Down into the Grave", the player who activated "Serial Spell" has no cards in hand, so the effect of "Dragged Down into the Grave" is impossible to resolve, and the effect Disappears.

So basically Exchange's effect would dissapear after Serial Spell resolves.
 
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