USD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The U.S. Dollar has been appreciating versus the Singapore's Dollar for one week. During this period, the pair managed to shape a 105-bar long channel up pattern that locked USD/SGD into circa 60-pips wide trading range.
USD/SGD currently is sitting slightly above the 50-hour SMA that meanders at 1.2509. The pair is likely to use the short-term SMA as a prop for a further jump taking into account that more than 87% of all orders on the SWFX are placed to buy the pair. Meanwhile, technical data contradicts to the traders' sentiment in the long-term, sending a clear ‘sell' signal.
© Dukascopy Bank SA
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