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CHF/SGD 1H Chart: Pair is rangingThe CHF/SGD exchange rate has been trading in the 1.3470/1.3625 range for three weeks. If looking at the pair’s movement from the larger perspective, this movement sideways follows a surge which started mid-May when the pair reversed from the senior channel at 1.33. Thus, it is likely that the Swiss Franc eventually breaches the upper range line and continues to appreciate in line with the aforementioned long-term pattern. The same surge is likewise expected in the short term in case the 1.3550 area is breached. Apart from all three SMAs on the hourly chart, the 55-day, the 55– and 100-period (4H) SMAs are likewise located there. The rate surpassing this resistance cluster should add the necessary bullish momentum to break out from the current ranging motion.
Long
by UnknownUnicorn890690
SGD/JPY 1H Chart: Pair restricted by 82.80The Singapore Dollar has been gradually appreciating against the Japanese Yen since it bounced off the senior channel circa 79.75 mid-March. The latest wave up in this junior pattern began on May 29. The pair should have tested its upper boundary today; however, the strong resistance by the monthly R1 at 82.80 has halted any attempts to reach the given channel this week. This might point to a change in sentiment, thus resulting in a fall within the following session. If the 55-period (4H), 100– and 200-hour SMAs and the 38.20% Fibo retracement are breached near 82.40, the Singapore Dollar is most likely to decline and target either the 100– and 200-period (4H) SMAs or the monthly PP at 82.00 and 81.50, respectively. Conversely, the rate moving above 82.80 should be followed by a slight surge until 83.50 prior to making a bearish reversal.
by UnknownUnicorn890690
USD/SGD 4H Chart: Rate tests strong resistanceThe US Dollar has been trading in an ascending channel against the Singapore Dollar. This pattern began early in January and has since guided the pair towards a new 2018 high of 1.3480. The pair also breached the previous long-term pattern at the beginning of May. During the past three weeks, the US Dollar has been moving sideways, fluctuating between the aforementioned yearly high and the 1.33 level. The pair is still located in the given range. It has, however, fallen below the 100– and 200-period SMAs which is a bearish signal. Technical indicators on the daily chart are likewise tended southwards. Taking this into account, it is expected that the Greenback weakens during the following weeks, setting the monthly S1 at 1.3255 as a possible weekly target.
by UnknownUnicorn890690
AUD/SGD 1H Chart: Ascending channel guides pairAfter testing the senior channel near 0.9970 early in May, the Aussie gained momentum against the Singapore Dollar and began moving higher in an ascending channel. This move has been gradual with the pair being located near the 1.02 mark at the time of this analysis. It is expected that the pair continues to approach the upper boundary of the senior channel located near the 1.06 mark. In the short term, however, the Aussie might fail to surpass the 100-day SMA at 1.0228 for a few sessions. This could allow bears to drag the rate lower during the remainder of the week. It is likely that the pair continues to respect the junior pattern and thus reaches for its lower boundary circa 1.0120. The monthly PP and the 100-period (4H) SMA are likewise located at this level.
by UnknownUnicorn890690
EUR/SGD 1H Chart: Pair moves in seven-week channelEUR/SGD has been trading in a descending channel during the past seven weeks. The rate breached the prevailing senior channel along the way and fell to a new one-year low of 1.55 on Wednesday. This level corresponds to the bottom boundary of the aforementioned junior channel. The pair has since recovered some lost positions and is gradually moving towards the upper channel line located near 1.5715. Even tough short-term technical signals are bearish, the general market sentiment nevertheless remains bullish. It means that the Euro should reach the upper channel line next week and continue its appreciation even further away from its yearly low. A possible upside target within the following month is the 1.65 area where the breached senior channel and the monthly R3 are located.
Long
by UnknownUnicorn890690
CHF/SGD 4H Chart: Medium-term appreciation in sightThe dominant pattern which as constrained the CHF/SGD exchange rate for the last three years is a descending channel. Its upper boundary near 1.33 was tested early in May following a three-week period of depreciation. During this fall, the Swiss Franc was trading in a neat and narrow channel down. The same trading pattern has also been maintained now. By and large, it is expected that the pair maintains its bullish momentum and thus approaches the downward-sloping trend-line located in the 1.40/41 territory within the following two months. In the short term, however, its seems that the Franc might have exhausted its upside momentum and thus should enter a minor period of decline. This fall might end either at the senior channel or the monthly S1 at 1.3300 and 1.3240, respectively.
Long
by UnknownUnicorn890690
USD/SGD 4H Chart: Pair looses upside momentumFollowing a one-month period of consolidation from February to April, the USD/SGD exchange rate gathered momentum mid-April and shot up until 1.35 where it was located at the time of this analysis. If looking in the shorter term, the US Dollar failed to form a wave up last week. Thus, it seems that the previous bullish momentum has allayed which may point to a soon breakout south. In order to confirm this scenario, the Greenback has to breach the 55– and 100-hour SMS, the 23.60% Fibonacci retracement line and the weekly R1 near 1.3370. It is possible that the rate still finds some support by the aforementioned SMAs which might lead the pair towards the weekly R3 and the 38.20% Fibo during the nearest sessions. By and large, the bearish sentiment should eventually take over the market and allow for a medium-term decline.
Short
by UnknownUnicorn890690
EUR/SGD 4H Chart: Medium-term pattern to prevailThe common European currency has weakened against the Singapore Dollar since early February when the pair reversed from the senior channel at 1.6450. This mark is likewise the highest price level since mid-2014. The strong bearish sentiment which prevailed during the last week of April forced a breakout from the aforementioned long-term pattern. The rate has since retraced from its bottom line, the 55-period SMA and the weekly PP at 1.5975. Nevertheless, technical indicators remain in favour of a surge within the following week in line with the medium-term channel. In case this scenario is to occur, the Euro should target the 1.61 territory which is restricted by the monthly PP, the 100-hour SMA and the upper channel line. In case some downside momentum still prevails in the market within the following days, a fall is unlikely to surpass a support cluster located near 1.5820.
Long
by UnknownUnicorn890690