CHF/SGD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
CHF/SGD has been trending upwards since the mid-June, when it bottomed out at 1.3850. However, now there appear signs the current rally may soon come to an end, since the currency pair is forming a rising wedge. But it could be argued that CHF/SGD is forming an ascending triangle instead of a reversal pattern. This will be finally determined where the next bullish wave ends—either before the previous high at 1.4032, which should mean continuation of the bullish momentum, or after the price crosses  the Jun 25 high, which will most likely imply a strong sell-off in the nearest future, through the up-trend support line at 1.3968, even though it is reinforced by the 200-hour SMA.
© Dukascopy Bank SA
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