Dukascopy Bank Team
Dukascopy Bank SA
CHF/JPY 1H Chart: Channel Down
Comment: Since CHF/JPY failed to breach the major level at 117, level unseen since March, it has been on a down-trend; moreover, it formed bearish channel.
However, in the last trading sessions the currency pair is trading near the upper trend-line. For now the resistance levels seem strong enough to hold the pair below the 115 mark. The SWFX market participants are strongly bearish (71.72%) on the pair and they are pretty sure that the pair will continue to depreciate. At the same time the technical indicators are mixed. Nevertheless, we expect the Swissy to weaken towards the weekly S1 at 114.34.
CHF/SGD 4H Chart: Channel Down
Comment: The CHF/SGD cross has been on a down-trend since early March; although, more recently it managed to form a bearish channel that now is 304-bar long.
Since early September, CHF/SGD has not touched the tunnel’s limits, the pair has been swinging in relatively narrow range. Moreover, for a couple of weeks it seems that the pair is targeting the lower trend-line. The technical indicators are also pointing to the downside, strengthening the pair’s bearish intentions. Last but not least the SWFX sentiment, around 70% of the traders believe that the pattern will be breached to the downside, thus the 1.33 level is a short-term target.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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