CHF/SGD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
From the point of view of the emerging pattern and the technical indicators, the bias towards CHF/SGD is bearish. The outlook may also be considered negative due to the market sentiment, as 72% of positions are long. The pair is currently trading near the upper bound of the channel, and this implies a decline from 1.3730.

On the other hand, the price is approaching a notable support trendline that connects July 12 and 27 lows. At the same time, strength of the buying pressure has been already demonstrated by rate's inability to finish the latest bearish wave—it had bottomed out at 1.37 before reaching the lower bound of the channel. Accordingly, the outlook is mixed until either 1.3730 or 1.3680 is breached.
© Dukascopy Bank SA
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