CHF/SGD 4H Chart: Broadening Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The CHF/SGD cross has been on a down-trend since the middle of March, when a multiple year high was set at 1.4553. However, more recently, the pair has formed a broadening falling wedge pattern.
There are still more bearish sentiment towards the pair than bullish, even though the pair has been on a down-trend for the most of this year. The daily and weekly technical indicators are still to the south, suggesting a continuation of the trend. Moreover, the majority of the SWFX traders', namely 68%, expect that the Swissy will continue to depreciate. Nevertheless, the short-term target is the major level at 1.34, before prolonging the bearish trend.
© Dukascopy Bank SA
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