CHF/SGD 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The direction of the imminent break-out from the triangle is uncertain. However, we are inclined to believe that a rally is more likely than a decline, mainly due to the long-term moving average reinforcing the rising support line. If the price manages to gain a foothold above 1.4350, there will be a high chance of the price eventually retesting this year's high at 1.4640, although the rise is unlikely to be immediate, considering many resistance levels between 1.44 and 1.45. Alternatively, in case CHF/SGD closes under 1.4265, the decline will probably extend down to 1.41, where the currency pair is going to meet the monthly pivot point and the January 5 low.
© Dukascopy Bank SA
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