CHF/SGD 1H Chart: Slight downside potential
Downside risks have dominated the CHF/SGD currency pair since the end of September, and the pair breached a medium-term ascending channel north at the middle of October.
As apparent on the chart, the pair is being pressured by the 55-, 100– and 200-period SMAs on the 4H time frame. It is expected the pair continues to decline. An important support level to look out for is the Fibonacci 38.20% retracement at 1.3672.
If given level holds, most likely, the pair surges towards the Fibonacci 61.80% at 1.3895.
As apparent on the chart, the pair is being pressured by the 55-, 100– and 200-period SMAs on the 4H time frame. It is expected the pair continues to decline. An important support level to look out for is the Fibonacci 38.20% retracement at 1.3672.
If given level holds, most likely, the pair surges towards the Fibonacci 61.80% at 1.3895.
The Swiss Franc has been appreciating gradually against the Singapore Dollar since the beginning of November. This movement has been bounded in the ascending channel.
Currently, the currency pair is testing the upper channel line located at 1.3870. From a theoretical point of view, a reversal south occurs in the nearest future and the pair continues to trade in given trend. It is expected that the pair targets the lower channel boundary circa 1.3720 and reverse north.
However, if given channel does not hold, a breakout north occurs within following trading sessions. Potential upside target is the monthly R3 at 1.4042.