CHF/SGD 1H Chart: Channel Up

As in USD/ZAR, a significant role in the developing rally of CHF/SGD has played the long-term moving average, for the last 200 hours, by not letting the rate fall far beneath it. However, the bullish momentum may soon subside, given that daily studies are mostly bearish. Moreover, the currency pair is close to breaching the lower edge of the upward channel, which is likely to lead to a sell-off down to the support at 1.4089. There the dip should be limited by the daily S1 and the 200-hour SMA.

In the meantime, the market is optimistic with respect to CHF/SGD—right now 71% of traders are expecting appreciation of the Swiss Franc.