CHF/SGD 1H Chart: Channel Up
- The Swiss Franc is gaining value against the Singapore Dollar in a short-term ascending channel that started to form after the currency exchange rate bounced off from the weekly S1 at 1.4007.
- Depending on how you draw the pattern, it will consist of two reaction highs or three reaction lows.
- In any case, there is a clearly seen uptrend that is backed up by the 55-, 100- and 200-hour SMA from the bottom.
- At the moment, the currency pair has no barriers on its way up until the weekly R1 at 1.4285.
- The further movement to the top is also supported by the general market sentiment, which is 74% bullish.
- However, if the rate will fail to climb above the 1.4240-1.4260 area this might be a sign of an existence of senior ascending channel.
