USD/SGD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The flattish channel up USD/SGD established a week ago is about to confirm its strength with an attempt at the upper trend-line at 1.3627. Bullish momentum stemming from the SMA cluster beneath, as well as a BUY signal from the golden cross formation, is likely to remain the main driver of the currency pair, suggesting that if the channel is broken, an upward breakout will come rather than a downward one. A breach of the upper trend-line would result in a rally at least towards 1.3630, but rather 1.3638, where a bounce would set the target around 1.3628 again. If the current pattern motion is maintained, 1.3614 will be the first level to watch after the pair fails at the upper channel line.
© Dukascopy Bank SA
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