CHF/SGD 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being underpinned by the 200-period SMA, CHF/SGD managed to resume the recovery after a prolonged period of stagnation. However, it remains to be seen, whether this rally is sustainable in the longer term. As the most recent peaks near 1.44 are still intact and the rising wedge pattern implies a reversal, there is a good chance that the latest gains are soon going to be erased, even though four-hour and weekly technical indicators are mostly giving ‘buy' signals. In order for this scenario to come true, the currency pair is required to settle below the up-trend support line at 1.4228, which is currently reinforced by the weekly pivot point and is therefore unlikely to be breached easily.

© Dukascopy Bank SA
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