CHF/SGD 4H Chart: Channel Down

CHF/SGD cross refuses to bounce off the upper boundary of the bullish channel for a third week in a row. It proclaims that there exists a possibility of a bullish break-out in the nearest future, especially given that daily technical indicators are bullish for the moment. Moreover, the Swiss Franc seems to be deeply oversold in the SWFX market, as seven out of ten open positions are short. Any rally beyond the weekly R1 at 1.4340 could trigger additional purchases towards the monthly R2 at 1.4480. However, weekly studies are giving signals to sell the Franc. In case the pair dips under both 55/100-period SMAs at 1.4236/28, then some support should be offered by 200-period MA (1.407), followed by monthly PP at 1.3883.