CHF/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Buy Sell
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

The Swiss Franc is trading against the Singapore Dollar simultaneously in a medium-term ascending and short-term descending channels. The junior pattern represents a second rebound of the currency exchange rate from the upper trend-line of the senior formation. By the early Thursday morning, the pair has successfully bounced off from the bottom edge of both formations and broke though the weekly S1 at 1.4289 and the 200-period SMA at 1.4299. Accordingly, the rest of the day the rate is expected to try to go through a combined resistance level formed by the monthly PP at 1.4329, the 55- and 100-period SMA near 1.4338 and the weekly PP at 1.4348. And because of the dominant pattern, the pair most probably will succeed to do that.

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