CHF/SGD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
For the past week CHF/SGD has been trading within the boundaries of a bullish channel. And if we ignore a spike made on Jun 19, the trend-lines of the pattern could be extended even further, till the Jun 12.
Accordingly, the Swiss Franc is expected to respect the support at 1.40, which is reinforced by the weekly PP and 200-hour SMA, and then commence a strong recovery that may potentially reach 1.41 before a downward correction takes place. However, the currency pair will have to overcome the Jun 30 high and weekly R1 at 1.4066 first. Meanwhile, most of the technical indicators support a bullish outlook on the Franc.
© Dukascopy Bank SA
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