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CHF/SGD 1H Chart: Franc breaks trend-line

The CHF/SGD currency pair has been consolidating in the 1.3665/1.3790 range for a month now. Thus, the Swiss Franc             failed to accelerate against the Singapore Dollar and approach the upper boundary of the senior channel.

On Friday, the pair was still trading in the aforementioned range. However, it did break to the upside a downward-sloping trend-line and the 50.00% Fibonacci retracement at 1.3780.

The rate is supported by the 55-, 100– and 200-period SMAs on both the 1H and 4H time-frames. This is likely to add some bullish pressure in the market and consequently result in appreciation of the Franc. An important resistance level is the monthly R2 at 1.3950. The upper boundary of the senior channel is likewise located nearby circa 1.4045.

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