USD/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After hitting a high of 1.2831, right at the level of weekly R2, the pair refused moving any higher and began a strong downside movement. So far the pair has plunged more than 180 pips, and the continuation of this trend is more likely rather than a penetration of the resistance line. At the moment of writing 71% of traders were holding short positions, while the Singapore Dollar itself was bought in almost 72% of the time. However, it is also important to mention that attitude toward the greenback is strongly bullish as well, with American currency being bought in 65% of all cases across the board. Even in case the pair goes up, bulls will face strong resistance at 1.2710/15.
© Dukascopy Bank SA
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