CHF/SGD 1H Chart: Channel Down

After peaking at 1.3786 on Jun 21 CHF/SGD has been in a down-trend ever since, giving up more than five figures. This prolonged could have been a correction for a May 15—Jun 21 rally, but just recently the currency pair has breached the 50% Fibonacci retracement level, leaving only a 61.8% level at 1.3177 as one of a few reasons to believe the price will manage to reignite bullish momentum.

Moreover, just as in EUR/AUD, an overwhelming majority of market participants are bearish, namely 73% of them.