CHF/SGD 4H Chart: Medium-term appreciation in sight
The dominant pattern which as constrained the CHF/SGD exchange rate for the last three years is a descending channel. Its upper boundary near 1.33 was tested early in May following a three-week period of depreciation. During this fall, the Swiss Franc was trading in a neat and narrow channel down. The same trading pattern has also been maintained now.
By and large, it is expected that the pair maintains its bullish momentum and thus approaches the downward-sloping trend-line located in the 1.40/41 territory within the following two months.
In the short term, however, its seems that the Franc might have exhausted its upside momentum and thus should enter a minor period of decline. This fall might end either at the senior channel or the monthly S1 at 1.3300 and 1.3240, respectively.
By and large, it is expected that the pair maintains its bullish momentum and thus approaches the downward-sloping trend-line located in the 1.40/41 territory within the following two months.
In the short term, however, its seems that the Franc might have exhausted its upside momentum and thus should enter a minor period of decline. This fall might end either at the senior channel or the monthly S1 at 1.3300 and 1.3240, respectively.