CHF/SGD 1H Chart: Two scenarios likely - Trade Pattern Ideas - Dukascopy Bank

Fri, 29 May 2020 13:04:17 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuyBuyBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralSellNeutral
Alligator(13;8;5)BuyBuyBuy
SAR(0.02;0.2)BuyBuySell
Aggregate

The CHF/SGD exchange rate has been trading upwards within a rising wedge pattern since the beginning of May. The rate has already surpassed the 1.4650 mark.  

From a theoretical perspective, it is likely that the currency pair could continue to trade within the given pattern until the middle of June. Then, a breakout south could occur. In this case the pair could gain support from the Fibo 61.80% at 1.4422. 

Meanwhile, note that the exchange rate is supported by the 55-, 100– and 200-hour SMAs in the 1.4650 area. Thus, some upside potential could prevail in the market, and the rate could exceed the 1.4800 level.


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