CHF/SGD 1H Chart: Franc returns near senior channel
The Swiss Franc’s movement against the Singapore Dollar during the previous three months has been constrained by a rather flat channel down. The pair started to form the most recent wave up within this pattern early in January. This upward movement has since resulted in a junior channel.
The upper boundaries of both patterns near the 1.3820 mark were tested late Friday. The Franc managed to bounce off this line and test the 200-hour SMA. However, the monthly PP reversed the rate back north near the psychological 1.37 level.
Given that the pair has overcome the 55-, 100– and 200-hour SMAs and the weekly PP circa 1.3740, bulls could continue to dominate today, as well. A possible upside target is the monthly R1 at 1.3860. By an large, the pair’s trading could be driven by bearish momentum within the following week, as the upper boundary of the senior channel is expected to hold. The Franc might target the 1.3520 where the bottom boundary of the senior channel is located.
The upper boundaries of both patterns near the 1.3820 mark were tested late Friday. The Franc managed to bounce off this line and test the 200-hour SMA. However, the monthly PP reversed the rate back north near the psychological 1.37 level.
Given that the pair has overcome the 55-, 100– and 200-hour SMAs and the weekly PP circa 1.3740, bulls could continue to dominate today, as well. A possible upside target is the monthly R1 at 1.3860. By an large, the pair’s trading could be driven by bearish momentum within the following week, as the upper boundary of the senior channel is expected to hold. The Franc might target the 1.3520 where the bottom boundary of the senior channel is located.