CHF/SGD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Swiss Franc is trading in a narrow descending channel against the Singapore Dollar. The currency exchange rate recently passed the 61.80% Fibonacci retracement level, which is located at 1.3992. Due to that the closest strong support level to the currency pair is the lower trend line of a large scale ascending channel near the 1.3640 level together with the 2016 low level of 1.3628. However, it is most unlikely that the narrow range channel down pattern will remain in force for long, as it is just a representation of the pairs bounce off from a dominant patterns resistance. Due to that factor traders are advised to monitor the situation closely, as a larger scale pattern is about to reveal itself.
© Dukascopy Bank SA
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