USD/SGD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is depreciating against the Singapore Dollar in a medium term descending channel pattern. However, the medium scale pattern is about to become obsolete, as the currency exchange rate recently touched the lower trend line of a larger, dominant descending channel pattern. Due to this factor it can be assumed that a medium term ascent is in the making. However, the pair is overbought, as 72% of SWFX trader open positions are already long, which indicates at an upcoming decline of the rate. Moreover, the pair might still slowly decline to the 50.00% Fibonacci retracement level, which is located at the 1.3916 level.
© Dukascopy Bank SA
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