CHF/SGD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
It is possible to draw two patterns that suggest different outcomes for CHF/SGD. Considering that the Swiss Franc is overbought and that the pair is trading near the five-week trend-line, however, a rising wedge is more likely than an ascending triangle. We therefore consider the risks to be marginally skewed to the downside. Supply at 1.3770 is expected to push the price lower. Nevertheless, we must note that a notable share of the technical indicators is bullish. There are also plenty of formidable supports nearby, including the March and November 2015 lows at 1.3670, and there is a combination of the weekly PP and 200-hour SMA at 1.3720/10 just 50 pips away from the spot.
© Dukascopy Bank SA
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