USD/SGD 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last 50 hours USD/SGD's trading range has been narrowing, as the currency pair proved to be unable to cross the resistance level at 1.2664, but at the same time each new low was higher than the previous one. If the price breaks out of the pattern to the upside, as suggested by the near-term technical indicators, the U.S. Dollar could try to reach Feb 10 high at 1.2716.
Conversely, if the bulls lose control of the market and the daily studies turn out to be true, the exchange rate will be expected to push through the daily PP and the 200-hour SMA in order to test one of the recent lows near 1.26, where it started the latest rally.

© Dukascopy Bank SA
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