CHF/SGD 30M Chart: Channel up

Source: Dukascopy Bank
© Dukascopy Bank
Bound by an ascending channel pattern, the CHF/SGD currency pair has just bounced from the bottom trend-line, giving little reason to doubt a trend continuation. According to the pattern, the pair will once again rally towards the channel upper trend-line at 1.4061, however, this might not be the case, as, in addition, a symmetrical triangle that has been prevailing since last week, implying that the currency might not break through the upper trend-line of the triangle at 1.4054, causing it to slump back down after the test. While there are strong arguments in favour of the continuation of the prevailing trend, and daily technical indicators fail to give insights into the matter, a downward breakout is still possible and it will cause the currency to dip to the weekly S1 at 1.4027 and the bottom Bollinger Band at 1.4022 consequently.
© Dukascopy Bank SA
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