CHF/SGD 1H Chart: Broadening Ascending Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Swiss Franc, after falling for a longer period against the Singapore Dollar, is appreciating in a rising wedge pattern against the Asian currency. At the moment, the currency exchange rate is close to the pattern's bottom trend line at 1.3827. However, a few hours ago it almost reached the trend line, which is located at 1.3800. The pair has no support levels, which could stop it from falling down to the trend line. On the upside the exchange rate faces strong resistance cluster, as from 1.3831 to 1.3864 there are all of the SMAs and the weekly pivot point. In addition, a downwards movement is supported by the fact, that SWFX traders have open 74% of long positions, which indicates at the pair being overbought.
© Dukascopy Bank SA
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