CHF/SGD 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After touching 1.3289 on July 16, CHF/SGD has been moving only to the north, however, during the last 70 bars the pair was moving sideways. As the market sentiment is not clearly marked, the pair is likely to be driven by technical indicators. Therefore, we might suggest a possible scenario– first a move to the support line, and possibly a penetration of it, however, in a longer period, the pair is likely to resume the uptrend and even break through pattern's boundaries. It would mean higher prices and will be followed by a jump in trading volume. As the pattern has 73% magnitude, some significant moves and returns can be anticipated.
© Dukascopy Bank SA
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