CHF/SGD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The beginning of July was a starting point of a long-lasting depreciation performed by CHF/SGD. Currently, the retreat is developing inside a 145-bar long channel down pattern and there are no indications of the pair's willingness to reverse its trend in the foreseeable future.
The instrument is sitting in the upper range of the corridor but its ability to re-test the tunnel's limit is questionable given several obstacles that lie on the pair's way towards this formidable resistance. The level of 1.3725/30 (daily PP, R1; four-hour R1) represents the first hindrance, while 1.3737/8 (four-hour R2; 50-hour SMA; daily R2) and 1.3743/6 (daily R3; four-hour R3) also are significant constraints for a climb.
© Dukascopy Bank SA
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