CHF/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA

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

The Swiss Franc is gaining value against the Singapore Dollar in a short-term ascending channel that started to form after the currency exchange rate bounced off from the weekly S1 at 1.4007 Depending on how you draw the pattern, it will consist of two reaction highs or three reaction lows. In any case, there is a clearly seen uptrend that is backed up by the 55-, 100- and 200-hour SMA from the bottom. 

At the moment, the currency pair has no barriers on its way up until the weekly R1 at 1.4285. The further movement to the top is also supported by the general market sentiment, which is 74% bullish. However, if the rate will fail to climb above the 1.4240-1.4260 area this might be a sign of an existence of senior ascending channel.

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