CHF/SGD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 128-bar long rising wedge was formed by CHF/SGD on November 6. The pair is expected to be highly volatile in the nearest future, as the trading range is narrowing rapidly– just 66 pips, compared with 160 at the moment of formation. However, it is rather difficult to predict pair's future movement, as market sentiment is not clearly marked (57% bullish), while aggregate technical indicators are sending mixed signals. Nevertheless, the pair is fluctuating at the strong support level, represented by pattern's support and a 200-hour SMA. Hence, it is more likely to bounce back from current level, rather than dip below it.
© Dukascopy Bank SA
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