Trade Pattern Ideas

CHF/SGD 1H Chart: Long-term channel in sight
Fri, 24 May 2019 14:15:39 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuyBuySell
RSI(14)NeutralSellNeutral
Stochastic(5;3;3)NeutralSellNeutral
Alligator(13;8;5)BuyBuySell
SAR(0.02;0.2)BuyBuyBuy
Aggregate

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.


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