CHF/SGD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
CHF/SGD will be attractive for traders soon as the price approaches the convergence point and only 3 days left before the pair will be highly volatile. However, we should not exclude a possibility of a sooner breakout, as trading volume is decreasing already as the pattern develops. Moreover, on Monday bears made an attempt to penetrate the lower boundary. While 73% of traders are holding short positions, aggregate technical indicators are sending "buy" signals, pointing at a move the upper trend line. In a longer term, however, Swiss Franc is expected to continue losing ground versus the Singapore Dollar. The short-term outlook is bullish, and the next target is located around 1.4040.
© Dukascopy Bank SA
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