CHF/SGD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the headline says that the pair is in an ascending channel, the Swiss Franc is preparing to decline against the Singapore Dollar. The reason for that is that not only is the rate in a short term ascending channel, but also in a descending larger scale pattern. To be particular, a decline is expected because the currency exchange rate already reached the upper trend line of the descending channel at 1.4220 and bounced off of it. In addition, it has to be noted that the currency exchange rate is often affected by the Fibonacci retracement levels, which are measured by connecting the 2016 low and high levels. Moreover, the recent changes in direction have been also consistent with the Fibonacci retracement levels.
© Dukascopy Bank SA
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