The Swiss Franc has been driven by a strong downside movement against the Singapore Dollar since February 9 and thus fell by 5.69%. This bearish momentum started after the currency pair hit the upper boundary of a junior pattern.
This downside risk has resulted in the exchange rate to reached January 2015 low level. During the last two weeks, the CHF/SGD currency pair has been trading within the range of a resistance cluster at 1.3590 and a support cluster at 1.3415. A breakout is likely to occur during the following trading sessions.
If the aforementioned breakout occurs, the currency exchange rate could be heading for a potential target at 1.3233 formed by the weekly pivot point. Meanwhile, technical indicators suggest that bears are likely to grow stronger within the next trading days.
