CHF/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The CHF/SGD cross has been on a down-trend since early March; although, more recently it managed to form a bearish channel that now is 304-bar long.
Since early September, CHF/SGD has not touched the tunnel's limits, the pair has been swinging in relatively narrow range. Moreover, for a couple of weeks it seems that the pair is targeting the lower trend-line. The technical indicators are also pointing to the downside, strengthening the pair's bearish intentions. Last but not least the SWFX sentiment, around 70% of the traders believe that the pattern will be breached to the downside, thus the 1.33 level is a short-term target.
© Dukascopy Bank SA

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