USD/SGD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Both from the fundamental and from the technical perspectives there are almost no reasons to doubt bullishness of USD/SGD. The currency pair is trading within an upward channel, and the technicals are mostly giving ‘buy' signals. Talking about the shorter term, the US Dollar is up for a sharp correction. The currency is forming a triple top pattern within the channel, and once the neck-line at 1.3636 is broken, there is likely to be a strong move towards the support line at 1.3474. There demand is also implied by the Jul 10 low and monthly PP. Meanwhile, we may observe a shallow bullish reaction around 1.3550, the current location of the 200-period SMA.
© Dukascopy Bank SA
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