CHF/SGD 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Swiss Franc is currently testing the upper trend-line of the falling wedge pattern, while intending to violate this level and reverse losses that occurred in the May 15–May 26 period. The pattern's resistance is being guarded by the daily pivot point and 55-hour SMA around 1.4210. Moreover, in case the trend-line is successfully crossed, the CHF/SGD currency pair will encounter the next supply in face of the 100-hour SMA at 1.4242, while the long-term resistance is located at 1.4276 (weekly PP). One-hour technical studies are bullish, increasing chances of a climb. However, the vast majority (71%) of SWFX market participants are holding short opened positions on the Swiss Franc at the moment.
© Dukascopy Bank SA
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