CHF/SGD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Swiss Franc has been in a channel down pattern since May 3 when it reached 1.4273. However, the pattern's upper trend-line was broken once again over the next day. At the moment the currency pair is in the middle of the ascending pattern and hovers in the direction of its upper trend-line at around 1.40. The pattern is also supported by the weekly R2 at 1.4039. However, it has to pass the first weekly resistance at 1.3961 to reach the next supply. In case of a movement down, the currency exchange rate will probably rebound at 1.3777, where the weekly R1 meets the lower trend-line.
© Dukascopy Bank SA
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