CHF/SGD 1H Chart: Pair respects senior channel

CHF/SGD has been dominated by two channels. The medium-term pattern has confined the rate since late October. The pair failed to reach its upper boundary earlier this week, when the senior channel forced the Franc to reverse from the 1.3730 mark.

Technical indicators show mixed results about the pair’s direction during the following sessions. As apparent on the chart, the Franc has been trying to overcome the 55-hour SMA—an area which is likewise reinforced by the weekly PP and the 61.8% Fibo.

This strong resistance cluster is expected to pressure the rate lower during this session. This fall, however, should not be long-lasting, as the weekly PP and the 200-hour SMA are located nearby circa 1.3620. As a result, these two barriers could bound the rate for several sessions.

Its subsequent movement might be lower, setting the 1.3520 area as a possible downside target.
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