CHF/SGD 1H Chart: Downside potential could prevail - Trade Pattern Ideas - Dukascopy Bank

Thu, 24 Oct 2019 14:39:54 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)SellSellBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellSellNeutral
SAR(0.02;0.2)BuySellSell
Aggregate

Since the beginning of October, the Swiss Franc has been depreciating against the Singapore Dollar, while the CHF/SGD exchange rate has been trading down along the upper boundary of the long-term descending channel (4H time-frame chart).  

As apparent on the chart, the currency pair has been trying to surpass the Fibo 38.20% at 1.3751 since the middle of October. Given that the pair is pressured by the 55-, 100– and 200-hour SMAs, it is likely that some downside potential could prevail. Important level to look out for is the Fibo 23.60%.  

However, if the given support level holds, the exchange rate could reverse north and breach the given channel. However, it is unlikely that the rate could exceed the resistance provided by the Fibo 61.80% at 1.4022.


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