USD/SGD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The U.S. Dollar started an accelerating decline against its Singapore's counterpart in the beginning of the spring. The drop has been developing within the boundaries of the 220-bar long channel down pattern that pushed USD/SDG to a six-month low of 1.2452 in the first days of April.
At the moment, the pair is trading near the daily pivot point at 1.2483 and if a cluster of four-hour support lines at 1.2473/58 fails to contain depreciation, the pair is likely to slide to daily support represented by the recent low. Propping up the bearish view, technical indicators mostly are sending 'sell' signals.
© Dukascopy Bank SA
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