USD/SGD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is only in one notable channel against the Singapore Dollar. The rate is in ascending channel pattern, which represents the Greenbacks gains against the Singapore Dollar for the past three months. Although that might seem simple, there are other factors that need to be examined and taken into account. First of all there is the significant force of the 2015 high level at 1.4450. Most recently the currency exchange rate has been trading very close to the high level, as it has kept providing support to the pair. Secondly there is the up aimed single trend line, that has provided resistance to the rate since November 24. Recently it has stopped the pair from surging three times in a row in the past half a month. However, the rate is oversold, as 72% of open positions are short.
© Dukascopy Bank SA
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