CHF/SGD 1H Chart: Technicals point to decline
The Swiss Franc continues to depreciate against the Singapore Dollar in a medium-term channel down.
The pair has diminished its trading range within this strongly-bearish pattern, especially after the Franc failed to reach its bottom boundary last week. As a result, the pair reversed from the 1.3480 area and formed a new junior pattern.
Technical indicators are still in favour of a continuous fall despite the allayed downward momentum. In this case, a possible southern target for the remaining trading sessions in April could be the most senior channel and the monthly S2 located near 1.3410. This level might force a reversal and a subsequent surge towards 1.3850.
Meanwhile, this appreciation might occur even sooner if the Franc remains trading sideways during the following two sessions. A strong resistance is set by the 200-hour SMA, two channel lines and the weekly PP at 1.3550.
The pair has diminished its trading range within this strongly-bearish pattern, especially after the Franc failed to reach its bottom boundary last week. As a result, the pair reversed from the 1.3480 area and formed a new junior pattern.
Technical indicators are still in favour of a continuous fall despite the allayed downward momentum. In this case, a possible southern target for the remaining trading sessions in April could be the most senior channel and the monthly S2 located near 1.3410. This level might force a reversal and a subsequent surge towards 1.3850.
Meanwhile, this appreciation might occur even sooner if the Franc remains trading sideways during the following two sessions. A strong resistance is set by the 200-hour SMA, two channel lines and the weekly PP at 1.3550.
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