CHF/SGD 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The descending triangle appeared on the 1H chart of CHF/SGD due to a bearish correction of the one-month rally started in mid-November. Accordingly, the risks were skewed to the upside, which was confirmed by a recent breach of the down-trend resistance line. However, we should be wary of a possibility that the bullish momentum may have already been exhausted—the market participants are getting ready for a decline—73% of them are holding short positions. Nevertheless, there is still a good chance the currency pair will rise up to the first target implied by the formation at 1.4143, while a subsequent goal, the one at 1.4211, has a much lower probability of being reached.
© Dukascopy Bank SA
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