USD/SGD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The USD/SGD currency pair touched this year's low at 1.2450 twice over the last several months. Since the latest retest, the pair has been moving to the north in attempt to hit strong resistance at 1.2597, represented by weekly R2 and April 25 high. A vast majority of technical indicators are pointing at pair's further appreciation, while 60% of traders believe in bearish scenario. It seems that 1.2572 is a pivot level for the pair, as a move above it will clear the way for pattern's resistance and then weekly R2 at 1.2597, while a pullback will indicate a move towards pattern's lower boundary and weekly pivot at 1.2546.
© Dukascopy Bank SA
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