CHFSGD closes within prior day's range
Swiss Franc/Singapore Dollar (CHFSGD) Technical Analysis Report for May 29, 2020 | by Techniquant Editorial Team
CHFSGD ended the month 0.56% higher at 1.4693 after losing 11 pips (-0.07%) today on high volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (CHFSGD as at May 29, 2020):
Friday's trading range has been 79 pips (0.54%), that's slightly below the last trading month's daily average range of 85 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CHFSGD.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on Monday, CHFSGD actually gained 0.04% on the following trading day.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
As prices are trading close to May's high at 1.4760, upside momentum might speed up should CHF/SGD mark new highs for the month.