USD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US currency is rapidly approaching the upper boundary of the bullish channel, as a successful bounce from the lower trend-line at 1.2978 gave bulls a considerable momentum in order to gain value. Since then the pair has covered a number of important resistances, including daily R1, R2 and R3. At the moment the only obstacle before the upper trend-line is represented by weekly R1 at 1.3047. Short-term technical indicators suggest the US dollar will pass through this line with a relative ease. So do 73% of market participants, who hold long positions on the USD. However, the boundary is likely to hold the pair from going more to the north, at least for some time.
© Dukascopy Bank SA
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