CHF/SGD may fall 5 - 8 pips

Our pivot point stands at 1.524.

Our preference

The downside prevails as long as 1.524 is resistance.

Alternative scenario

The upside breakout of 1.524, would call for 1.528 and 1.531.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.522 and 1.522). Finally, the CHF/SGD has penetrated its lower Bollinger band (1.520).

Supports and resistances

1.531 **

1.528 *

1.524 **

1.523

1.520 last

1.515

1.512 **

1.510 *

1.507 **

Number of asterisks represents the strength of support and resistance levels.