CHF/SGD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
CHF/SGD currency pair has been trading inside the high-quality and magnitude bearish channel for more than two weeks, since that time covering more than 240 candles.
While making several attempts to bounce off the lower trend-line of the pattern, the pair seems to be capped by the 55-hour SMA which pushed the Swiss Franc back for two consecutive times. In case the pair fails to surge above this level at 1.40, probability of a sharper decline will increase considerably. Bearish scenario is supported by short and medium-term technical indicators, while more than 74% SWFX traders are pessimistic towards the Swiss Franc against the Singapore Dollar.

© Dukascopy Bank SA
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