USD/SGD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SGD should shortly meet the upper boundary of the pattern at 1.3635 and from here we foresee a new wave of Greenback's selloff. A failure may, however, occur even earlier, because the most immediate resistance is the 200-hour SMA at 1.3592. Despite that, hourly and 4H technical studies suppose the pair will be able to rally until the red trend-line. In case there is an upside confirmation of the pattern, then the advance will have to be extended through the weekly R1 at 1.37, followed by one of the pattern's highs at 1.3739. Advantage of the bulls over bears, based on the SWFX market's sentiment, is solid at 60% vs 40%, respectively, and it means the USD has got some more scope to grow.
© Dukascopy Bank SA
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