USD/SGD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar trades simultaneously in two patterns against the Singapore Dollar. On a large scale the currency exchange rate is moving lower in a descending channel pattern. Recently the currency pair reached the lower trend line of the descending channel. As a result of the following rebound, a channel up pattern formed, which has almost finished its existence, because its only purpose is to guide the currency rate to the descending channel's upper trend line. Due to that it is easy to forecast that the currency exchange rate is set to surge up to the first important resistance level, which is the 1.4270 level, where the 23.60% Fibonacci retracement level meets with the upper trend line of the long term channel.
© Dukascopy Bank SA
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Mon, 13 Feb 2017 09:18:32 GMT

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