CHF/SGD 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After confirming the lower trend-line of the ascending triangle pattern the CHF/SGD pair was trading flat around 1.4610. However, we expect the bearish bias to persist in the near term, as the cluster of demand levels right above the spot price could put the downward pressure on the Frank. Moreover, the SWFX market participants retain bearish views, as the 75% of all open positions are short. The first two obstacles for the bears are located at 1.4551 and 1.4493 respectively, while the first weekly supply lies at 1.4328. On the other hand, one-hour and four-hour technical indicators project little changes from the current price, while daily studies assume the bullish correction.
© Dukascopy Bank SA
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