CHF/SGD 1H Chart: Bearish sentiment
The Swiss Franc has been appreciating gradually against the Singapore Dollar since mid-January. This bullish sentiment, however, has allayed during the previous sessions, thus bounding the rate in an increasingly narrower trading range.
Meanwhile, the pair tested the upper boundary of the senior channel down near 1.4250 on February 9. This factor could serve as another confirmation that the bearish sentiment could finally take the upper hand in the nearest time. A possible target within the following weeks in the bottom line of the senior channel in the 1.3800/1.3850 territory.
If looking at the pair’s possible direction this week, the Franc is expected to recover slightly from its four-day fall and reach the combined resistance of the 100– and 200-hour SMAs and the weekly PP circa 1.4150.
Meanwhile, the pair tested the upper boundary of the senior channel down near 1.4250 on February 9. This factor could serve as another confirmation that the bearish sentiment could finally take the upper hand in the nearest time. A possible target within the following weeks in the bottom line of the senior channel in the 1.3800/1.3850 territory.
If looking at the pair’s possible direction this week, the Franc is expected to recover slightly from its four-day fall and reach the combined resistance of the 100– and 200-hour SMAs and the weekly PP circa 1.4150.