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CHF/SGD 1H Chart: Awaits confirmation of surgeThe 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.
by UnknownUnicorn890690
EUR/SGD 1H Chart: Breakout south expectedThe European common currency has been ranging against the Singapore Dollar since late June. This movement has been bounded in between the 38.20% and 50.00% Fibonacci retracement lines at 1.5860 and 1.5972, respectively. This movement sideways is a part of a larger-scale ascending channel near whose bottom boundary the rate was trading at the time of this analysis. The Euro’s failure to accelerate from this line could be an early indication of a subsequent decline. This scenario would be confirmed if the senior channel is breached circa 1.59. It is a strong support level, as the SMAs on both the 1H and 4H time-frames are located there. In case of a bearish breakout, the pair is likely to target the 55– day SMA and the monthly PP at 1.58 within the following two weeks.
by UnknownUnicorn890690
CHF/SGD 1H Chart: Pair is rangingThe CHF/SGD exchange rate has been trading in the 1.3470/1.3625 range for three weeks. If looking at the pair’s movement from the larger perspective, this movement sideways follows a surge which started mid-May when the pair reversed from the senior channel at 1.33. Thus, it is likely that the Swiss Franc eventually breaches the upper range line and continues to appreciate in line with the aforementioned long-term pattern. The same surge is likewise expected in the short term in case the 1.3550 area is breached. Apart from all three SMAs on the hourly chart, the 55-day, the 55– and 100-period (4H) SMAs are likewise located there. The rate surpassing this resistance cluster should add the necessary bullish momentum to break out from the current ranging motion.
Long
by UnknownUnicorn890690
SGD/JPY 1H Chart: Pair restricted by 82.80The Singapore Dollar has been gradually appreciating against the Japanese Yen since it bounced off the senior channel circa 79.75 mid-March. The latest wave up in this junior pattern began on May 29. The pair should have tested its upper boundary today; however, the strong resistance by the monthly R1 at 82.80 has halted any attempts to reach the given channel this week. This might point to a change in sentiment, thus resulting in a fall within the following session. If the 55-period (4H), 100– and 200-hour SMAs and the 38.20% Fibo retracement are breached near 82.40, the Singapore Dollar is most likely to decline and target either the 100– and 200-period (4H) SMAs or the monthly PP at 82.00 and 81.50, respectively. Conversely, the rate moving above 82.80 should be followed by a slight surge until 83.50 prior to making a bearish reversal.
by UnknownUnicorn890690
USD/SGD 4H Chart: Rate tests strong resistanceThe US Dollar has been trading in an ascending channel against the Singapore Dollar. This pattern began early in January and has since guided the pair towards a new 2018 high of 1.3480. The pair also breached the previous long-term pattern at the beginning of May. During the past three weeks, the US Dollar has been moving sideways, fluctuating between the aforementioned yearly high and the 1.33 level. The pair is still located in the given range. It has, however, fallen below the 100– and 200-period SMAs which is a bearish signal. Technical indicators on the daily chart are likewise tended southwards. Taking this into account, it is expected that the Greenback weakens during the following weeks, setting the monthly S1 at 1.3255 as a possible weekly target.
by UnknownUnicorn890690