Patterns: CHF/SGD, USD/NOK
|CHF/SGD 1H Chart: Pair respects senior channel
CHF/SGD has been dominated by two channels. The medium-term pattern has confined the rate since late October. The pair failed to reach its upper boundary earlier this week, when the senior channel forced the Franc to reverse from the 1.3750 mark. Technical indicators show mixed results about the pair's direction during the following sessions. As apparent on the chart, the Franc has been trying to overcome the 55-hour SMA—an area which is likewise reinforced by the weekly PP and the 61.8% Fibo. This strong resistance cluster is expected to pressure the rate lower during this session. This fall, however, should not be long-lasting, as the 100– and 200-hour SMAs are located nearby circa 1.3640. As a result, these two barriers could bound the rate for several sessions. Its subsequent movement might be lower, setting the 1.3550 area as a possible downside target.
USD/NOK 1H Chart: Breached long-term channel
The US Dollar has been appreciating against the Norwegian Krone in a channel up since late August. During this period of appreciation, the pair managed to reach its six-month high of 8.42 on December 21. After that, the bearish sentiment took over and thus allowed for a breakout of the aforementioned long-term channel earlier this week. It is expected that the Greenback could be tended north during the following sessions; however, this upward movement might not be very significant. A possible target in this case might be the 8.2690 area, as the monthly and weekly PPs and the 200-hour SMA are located nearby. By and large, the bearish sentiment should eventually prevail and thus push the rate lower.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.