CHF/SGD 1H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since Jan 15 the trading range of CHF/SGD has been narrowing, leading to formation of a symmetrical triangle. Taking into account that the pattern was preceded by an upside gap, the likelihood of a bullish break-out is deemed to be higher than a chance of the support trend-line being breached. Once the resistance at 1.5650/00 is broken, the Franc will be expected to keep advancing until the currency meets another important supply level at 1.5950. On the other hand, should the demand at 1.5330 give in earlier, there will be a dense demand area waiting for the pair around 1.51 that may well not let the price reach either the weekly PP or the 200-hour SMA.
© Dukascopy Bank SA
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