CHF/SGD 1H Chart: Awaits confirmation of surge
The Swiss Franc is appreciating against the Singapore Dollar in a short term ascending channel. This gradual increase in price began on July 13 when the rate reversed from the senior channel in the 1.3580 area.
This junior patter was breached today, thus indicating that a decline may be possible in the nearest time. However, it should be noted that the Franc faces a strong support level formed by the 55-, 100– and 200-period (4H) SMAs and the monthly PP near 1.3690. This strong cluster is likely to activate bulls, thus resulting in further appreciation towards the upper boundary of the senior channel.
In this scenario, upside potential is apparent until the 61.80% Fibonacci retracement and the monthly R1 at 1.39.
This junior patter was breached today, thus indicating that a decline may be possible in the nearest time. However, it should be noted that the Franc faces a strong support level formed by the 55-, 100– and 200-period (4H) SMAs and the monthly PP near 1.3690. This strong cluster is likely to activate bulls, thus resulting in further appreciation towards the upper boundary of the senior channel.
In this scenario, upside potential is apparent until the 61.80% Fibonacci retracement and the monthly R1 at 1.39.