CHF/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
CHF/SGD is trying to negate the losses of the last three months right now, and the latest rally has already offset a half of them. There are also plenty of reasons to believe that the rate will be able to extend the recovery further. First of all, the pair is currently trading between two parallel ascending trend-lines. Secondly, the Swiss Franc is oversold relative to the Singapore Dollar—63% of positions are short. Finally, the four-hour and daily indicators are largely sending ‘buy' signals. Even if support at 1.4310 is broken, there will still be a good opportunity for the bulls to regain control at 1.4167/56, where the December 10 low merges with the 200-hour SMA.
© Dukascopy Bank SA
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