CHF/SGD 1H Chart: Two scenarios likely
The Swiss Frank has been appreciating against the Singapore Dollar after the currency pair reversed from the lower boundary of a medium-term ascending channel at 1.3890.
As apparent on the chart, the exchange rate is supported by the 55-, 100– and 200-hour SMAs, currently located near the 1.3950 mark. From a theoretical point of view, the pair might move upwards. Potential upside target could be the weekly R3 at 1.4110 mark.
Otherwise, it is expected that the currency pair might re-test the ascending channel. If given trend does not hold, a breakout might occur. In this case, the pair will aim for the Fibonacci 61.80% retracement at 1.3865.
As apparent on the chart, the exchange rate is supported by the 55-, 100– and 200-hour SMAs, currently located near the 1.3950 mark. From a theoretical point of view, the pair might move upwards. Potential upside target could be the weekly R3 at 1.4110 mark.
Otherwise, it is expected that the currency pair might re-test the ascending channel. If given trend does not hold, a breakout might occur. In this case, the pair will aim for the Fibonacci 61.80% retracement at 1.3865.