CHF/SGD 4H Chart: Double Bottom

Apart from forming the double bottom pattern, the CHF/SGD cross has recently traded inside a triangle, where it breached the upper trend-line several days ago. It makes the bullish scenario even more likely for the current case as well. The pair will test the double bottom's upper boundary at 1.4752 soon, and we assume this line is highly likely to be breached. Bulls should get additional support from 55/100-period SMAs at 1.4650 and weekly and monthly pivot points around 15-20 pips further below. In case the longs succeed, they are going to set eyes on recent highs at 1.5263 (Aug 24) in the coming weeks. Despite that, SWFX sentiment is still biased in favour of bears (72%) at the moment.