CHF/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
The pair started to form a bearish channel, after it failed to touch the 1.41 mark and currently it is hovering around the monthly S1 at 1.3510. As the pair is trading more or less between the pattern's support and resistance it is clear that the down-trend will be in effect for some time. And even though an overwhelming majority of the SWFX traders are bullish on the pair, namely 70.09%, the 1.35 level ahead will be a substantial obstacle. However, the technical studies are more to the downside, mixing the overall outlook. Nonetheless, if the pair manages to breach the 1.35 mark then it might prolong its short-term gains.
© Dukascopy Bank SA
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