CHF/SGD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
HF/SGD left an annual high of 1.4344 on the hourly chart and has lost around three percent until this day when another bearish pattern emerged after a steep dip beneath the 200-hour SMA. The pair has been trading in the bounds of a descending channel pattern and has just slightly touched the upper trend-line, meaning that a slip to the bottom at 1.3870 is the most likely scenario, while keeping upside risks still in mind. Because the cross did not make a solid test of the upper bound, there is still a possibility that a second attack might be launched at 1.3925. With the first downside target resting at 1.3895, the pair is, however, likely to go just there because of the strong supply cluster just above.
© Dukascopy Bank SA
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