CHFSGD 4H Chart: Decline continues
The Swiss Franc has been driven by a strong downside movement against the Singapore Dollar since February 9 and thus fell by 5.69%. This bearish momentum started after the currency pair hit the upper boundary of a junior pattern.
This downside risk has resulted in the exchange rate to reached January 2015 low level. During the last two weeks, the CHF/SGD currency pair has been trading within the range of a resistance cluster at 1.3590 and a support cluster at 1.3415. A breakout is likely to occur during the following trading sessions.
If the aforementioned breakout occurs, the currency exchange rate could be heading for a potential target at 1.3233 formed by the weekly pivot point. Meanwhile, technical indicators suggest that bears are likely to grow stronger within the next trading days.
This downside risk has resulted in the exchange rate to reached January 2015 low level. During the last two weeks, the CHF/SGD currency pair has been trading within the range of a resistance cluster at 1.3590 and a support cluster at 1.3415. A breakout is likely to occur during the following trading sessions.
If the aforementioned breakout occurs, the currency exchange rate could be heading for a potential target at 1.3233 formed by the weekly pivot point. Meanwhile, technical indicators suggest that bears are likely to grow stronger within the next trading days.
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