CHF/SGD 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since there have already been two distinct tests of the support around 1.36 after a precipitous decline from 1.38, there is a good possibility CHF/SGD formed a double bottom pattern with a neck-line at 1.3670—the Aug 28 high. Accordingly, if the latter level is breached, the price will start targeting the Aug 13 high at 1.38. The bullish outlook is also implied by the near-term technicals. However, the main risk to the rally right now is represented by the 200-hour SMA at 1.3638, which may send the pair back to the Sep 1 low. In the meantime, most of the traders are holding short positions, namely 73% of them.
© Dukascopy Bank SA
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