CHF/SGD 1D Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
For the past 12 months the Swiss Franc has been generally appreciating relative to the Singapore Dollar, which allowed the currency pair to form a high-quality bullish channel. And while the upper boundary of the pattern has recently been confirmed (Mar 13), the lower edge is yet to prove its reliability as the support. However, the downside risks have increased, being that the 200-day SMA, which is usually considered to be a strong level, has just been breached. Still, for now the rising trend-line at 1.4030 is intact, meaning that the outlook is bullish. Meanwhile, the sentiment of the SWFX marketplace is strongly negative towards the Franc—74% of open positions are short.
© Dukascopy Bank SA
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