EUR/SGD 1H Chart: Channel Up
|AUD/CHF 1H Chart: Rising Wedge
Comment: AUD/CHF exited its recent trading range by stepping beneath 0.7414, causing the motion to enter bearish territory and put an end to the ranging market after attacks at May 2015 highs were made in October. The direction is affirmed by the rising wedge on the hourly chart as well, suggesting that a steep bearish motion might follow a break below 0.7450. The previous wave south ended with some stickiness at the bottom boundary of the pattern, suggesting that a breakout might be feasible soon. The bottom boundary is, however strengthened by 100 and 55-hour SMAs, meaning that a crossing to the downside would be a strong SELL signal.
EUR/SGD 1H Chart: Channel Up
Comment: After posting half-year highs in November, EUR/SGD continued slightly red in a flattish motion towards 0.5022. The daily chart suggests that there is a large-scale channel down pattern guiding the movement and that the current hourly channel up is just serving the purpose of leading the pair to the upper boundary. In case the senior pattern holds, 1.5251 will send it packing, leading to a break below the junior channel around 1.5191. The break would trigger a plunge before a correction of the broken level, putting the 1.5146/41area into perspective for the potential bounce.
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