CHF/SGD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Outlook for the Swiss Franc against the Singapore Dollar is bullish. This currency pair has been building a symmetrical triangle pattern in the 1H chart, where the first leg has been to the upside. It means that the risks are tilted to the upside. However, currently CHF/SGD is correcting lower, but the rally should resume at 1.4050, namely the lower edge of the pattern. On the way to the north  it will have to confirm the weekly pivot point along with numerous moving average lines. A breach of them at around 1.41 will turn attention to the 1.4178 mark where the upper trend-line lies at the moment. However, SWFX sentiment (70% long) suggests the Swiss currency is likely getting overbought.
© Dukascopy Bank SA
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