USD/SGD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SGD is in a good spot to rally. The pair has just completed a correction within a 10-day channel, meaning we should see a new bullish wave developing from 1.43. This support is also reinforced by the November 24 low and daily S1. In the meantime, technical indicators in four-hour and daily charts and the fact that the pair remains oversold (62% of open positions are short) further reinforce a positive outlook for the US Dollar. The first target is a recently established down-trend at 1.4330, while a more serious test of the upward momentum is to be expected circa 1.4365. The upper boundary of the pattern is likely to be tested already above 1.44, closer to the January high.
© Dukascopy Bank SA
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