USD/SGD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
On 11th of August USD/SGD started to form a bearish channel. Therefore, it is expected that the Greenback might be losing value versus the Singapore's peer in the foreseeable future. Although, this scenario is not supported by the technical indicators,  with the daily technicals pointing to the north. Moreover, the pair's sentiment is strongly bullish (71.95%) and since the pair is hovering around the pattern's resistance line for some  time we might expect a break-out to the upside. In case the previously mentioned resistance level is breached then the pair will head towards the 100-period SMA and weekly PP at 1.2464/67.

 

© Dukascopy Bank SA
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