The CHF/SGD currency pair has been trading up since the end of April after it reversed north from the lower boundary of the long-term descending channel at 1.3300.
Currently, the pair is testing the upper channel line located circa 1.3760. From a theoretical point of view, it is expected, that a reversal south could occur in the nearest future, and the pair could target the lower channel line.
However, note, that the exchange rate is supported by the 55-, 100– and 200-hour SMAs, thus, if the given trend does not hold, it is likely, that a breakout north could occur soon. Important resistance level to look out for is the Fibonacci 61.80% retracement at 1.3895.