CHF/SGD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Through September and October, the CHF/SGD cross has been on a sideways trend; thus it has not lagged that much. However, just recently the currency pair has formed a triangle pattern.
In the next few hours the Swissy will reach the pattern's apex; therefore, this is a interesting pattern to watch. Now, the technical indicators expect the currency couple to continue its sideways trend. However, for instance the SWFX traders' have a completely different outlook, as 73% of them have opened short positions on the pair. To our mind, the pair could approach October's low at 1.3222 if it declines below the major level at 1.33.
© Dukascopy Bank SA
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