CHF/SGD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After bottoming out at 1.3462 CHF/SGD was able to start a robust recovery that is still intact and, according to the majority of the technical indicators, should be preserved. During the up-move the currency pair has been consistently oscillating between two parallel trend-lines. However, while the lower boundary of the channel up seems to be quite reliable due to a fair amount of confirmations and reinforcement by the 200-period SMA and the weekly S1, the upper rising line should is much less probable to exert significant influence on the price action in the future. Accordingly, the troughs implied by the bullish pattern are likely to be more accurate than peaks.

© Dukascopy Bank SA
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