CHF/SGD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Swiss Franc is in a channel down pattern against the Singapore Dollar, as the currency exchange rate has confirmed the pattern's upper trend line for the second time just recently. At the moment, the pair is in the middle of the pattern at 1.3666, and in accordance with the pattern, the Swiss Franc is set to depreciate against the Singapore Dollar and move to the pattern's support line at 1.3638. However, on its way down the pair is struggling with the support provided by the weekly S2 at 1.3649. Afterwards, it will most likely rebound, as the pattern's lower trend line is also supported by the monthly S2 at1.3636. The theory is also supported by aggregate technical indicators, which forecast a downfall in the next four hours and no changes on a daily timeframe.
© Dukascopy Bank SA
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