CHF/SGD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After breaking out from a triangle to the upside, the CHF/SGD currency pair has formed an ascending channel pattern. Although, most recently the currency exchange rate's attempts to move to the channel's upper trend line have been hindered by the 38.20% Fibonacci retracement level. The Fibonacci retracement levels play a significant role on any currency pair, which involves the Swiss Franc, as the currency exchange rate experienced unprecedented volatility on January 15, when the currency was unpegged from the Euro. In the meantime, SWFX traders have open 74% short positions, which is clearly oversold and indicates at an upcoming surge and a break through the retracement.
© Dukascopy Bank SA
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