CHF/SGD 4H Chart: Rectangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Swiss Franc has been steadily appreciating against the Singapore currency since May 2013. Nevertheless, the appreciation has stopped as soon as the pair has reached rectangle's resistance at 1.4401 on December 27. At the moment of writing the pair was changing hands at 1.4130, just couple of pips above the weekly pivot. The fact more than 59% of traders are holding short positions is bolstering the case the pair will move towards the 200-period SMA at 1.4088. In contrast, 83% of all pending orders are placed to buy the pair, meaning the depreciation will be limited. The next several bars will make the picture more clear, as even technical indicators are not giving a clear signal.
© Dukascopy Bank SA
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