CHF/SGD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
While CHF/SGD broke the channel up it had been following for around a month to the upside, the pair has returned inside the bounds of the pattern and is now making its way towards the bottom trend-line at 1.4111, where we will look for a reversal into the next bullish wave. The pair will then target the upper boundary of the pattern at 1.4253, and any stickiness of the area will mean that more bullish potential is building up and the pattern could break to the upside soon. With SMAs facilitating the upward movement from below, a build-up of bullish potential could indeed lead to a steeper general motion.
© Dukascopy Bank SA
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