CHF/SGD 1D Chart: Channel Up

The Swiss Franc is trading against the Singapore Dollar in two ascending channels. The junior pattern started to form some time after the currency exchange rate bounced off from the bottom edge of the dominant channel. At this time, the pair is fluctuating near the weekly PP at 1.4300 and is aiming to break through the upper trend-line of the senior channel. The four hour chart shows there are no any notable support levels that could push the currency rate upwards. In contrast, the upper boundary of the dominant channel, which remains active more than seven months, serves as strong resistance level itself. Consequently, most likely a rebound is going to occur.