USD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A drop to a four-month low of 1.2452 early April provoked a change in USD/SGD trend. The advancement has been developing within the area bounded by two upward sloping lines; in other words, the pair shaped a channel up pattern.
Recently, the currency couple penetrated the 50-hour SMA at 1.2562 and now the pair is sitting slightly above this line. If the instrument continues to appreciate, it is likely to near daily resistance at 1.2574 and then may even target daily R2, R3 at 1.2593/605, a jump above which may push the pattern's resistance to the fore.
© Dukascopy Bank SA
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