USD/SGD 1H Chart: Channel Down

There is an emerging pattern on a hourly chart of USD/SGD. For now it consists of only 36 bars, but both falling trend-lines forming it were confirmed by the price action on several occasions, making a bounce off the resistance at 1.2624 and then a pull-back from the support at 1.2534 a plausible scenario for the short term.

Meanwhile, considering  narrowness of this channel, its width is 50 pips, it is highly unlikely the currency pair will trade inside its boundaries for more than a few days. Daily technicals are already pointing in a different direction.