CHF/SGD 1H Chart: Ascending Triangle

Even though since the beginning of April each consecutive low was higher than the previous one, every new rally of CHF/SGD was capped by 1.4322, resulting in the end in emergence of an ascending triangle. However, the lower boundary of this pattern has already been broken to the downside, meaning the outlook on the Franc is bearish. The first target is the Apr 29 low at 1.4191, which merges with the weekly S1. If this level is breached, the currency pair may then set a course towards the Apr 21 high at 1.4134, also the current location of the weekly S2. Meanwhile, an overwhelming majority of the SWFX traders (74%) are holding short positions.