USD/SGD 1D Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SGD failed to push through demand circa 1.34 last month, but the risks remain skewed to the downside. The trend-lines forming the channel are intact, and the US Dollar is still overbought—73% of positions are long. Accordingly, we expect the price to stay under 1.36 and launch another attack on support between 1.34 and 1.33. In case of success, the new objective will be the 2015 low at 1.3150, followed by the lower bound of the channel at 1.29/1.28. A long-term support line, which connects lows since 2011, is at 1.27. Alternatively, if the bulls manage to break 1.36, there will be a major resistance area around 1.3850, created by the May high and 200-day SMA.
© Dukascopy Bank SA
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