CHF/SGD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopu Bank SA
CHF/SGD is in the middle of a battle amongst various trend-lines, both bullish and bearish ones. A 13-year upward sloping trend-line has proved dominance in the long term, while 2015-2016 caught on some bearish momentum, which is now going against the senior bull trend as well as the two-month uptrend, complemented by an ascending channel in the hourly chart. We expect the pair to continue its way north, setting the 1.4071 level - August highs - as its next target. Supply pressures will halt the rate before it even leaves the channel, causing obstacles at 1.3993 and 1.4006. In case the bearish trends take over, the pair will fight the bottom trend line strengthened by the 55-hour SMA at 1.3947, and if successful, the 1.3931/26 area will provide demand to make levels underneath less attractive.
© Dukascopy Bank SA
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