USD/SGD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite being only 70-bar long, the channel formed by the USD/SGD pair is considered as rather qualitative. The cross has been trading inside the boundaries of the pattern since the very first day of its creation. Right now the US currency is getting ready to begin a recovery and move in the direction of the upper trend-line, which is located at 1.3071. However, two monthly resistances are likely to pose short-term issues for pair's bulls; therefore, technical studies give bearish signals on a four-hour chart and more than 74% of all traders hold short positions on the American currency versus Singapore dollar. In the long-term, however, it is assumed to cross these resistances in order to reach the upper boundary.
© Dukascopy Bank SA
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