USD/SGD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 231-bar long rising wedge pattern formed by USD/SGD is on the verge of being breached. The pair has recently broken through the pattern's support but managed to recover its losses and returned to the lower limit of the pattern; USD/SGD has been sticking to this level for 16 hours already. However, considering that the pattern trend lines are due to converge soon, the pattern's support may appear not strong enough to curtail the downside pressure that may take the pair well below the current levels.
© Dukascopy Bank SA
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