USD/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the very beginning of the summer, the U.S. Dollar has been losing value against its Singapore counterpart and early July the pair entered a channel down pattern that now is over 199-bar long.
A few days earlier, USD/SGD approached a 10-month low of 1.2396 that gave the currency couple an impulse for a rise the pattern's resistance line. Although the pair now seems to have already started its way down towards the opposite side of the pattern, market players still believe we are likely to witness appreciation soon – 70% of all orders are long and only 30% are short.
© Dukascopy Bank SA
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