USD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a period of consolidation in the end of August the pair started to form a bullish channel on 29th of August. At the moment USD/SGD is trading closer to the lower trend-line, thus the trend's confirmation by touching the boundary might be expected. However, the bullish stance is likely to stay in effect, as a slight majority of the technical indicators are pointing to the north. Also, the traders' sentiment is bullish, as a distinct majority (71.94%) of the SWFX market participants are expecting the U.S. Dollar to outperform its Singapore's counterpart. In our opinion, the longer term target is the major level at 1.26.
© Dukascopy Bank SA
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