CHF/SGD 1H Chart: Rate signals to decline

CHF/SGD has been trading in a steep ascending channel for two weeks now. This pattern formed shortly before the rate breached the dominant eight-week channel on January 25.

Following this breakout, the pair continued to edge higher; however it has since failed to reach the upper boundary of the junior channel. Thus, it seems that the prevailing bullish sentiment might be gradually losing strength.

The pair is currently trading near the 1.4150 mark which is likewise reinforced by the upper boundaries of two channels (the senior one was formed in late 2016). All these signals point to a soon decline. However, in order to confirm this scenario, the Franc should breach the 55– and 100-hour SMAs near the 1.4075 mark. The pair’s subsequent move then should be a retracement from the breached channel circa 1.39—an area which is likewise reinforced by the 200-hour SMA , the monthly PP and the 38.20% Fibo.

In the meantime, some minor upward movement within the following session or two is still possible.
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