CHF/SGD 30M Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The ascending channel CHF/SGD has developed shows no signs of weakness, suggesting that the uptrend will continue. The 200-period SMA has crawled underneath for the first time in two weeks, putting further pressure onto the currency pair. We expect a dip towards the lower channel trend-line at 1.3855 over the next couple of days, before inching higher inside the bounds of the channel. A bullish development is also supported by the multi-year triangle that the rate has been following, implying that the 1.4500 area will cause the pair quite a struggle even if the channel is not broken. In case September brings an unexpected revisit of the triangle bottom trend-line, the lower channel trend-line will be broken just before a dip to 1.3770. The Golden Cross formation for 55-hour and 200-hour moving averages, as well as a 23% net oversold Frank, however, makes us to remain in favour of a distinct uptrend.
© Dukascopy Bank SA
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