USD/SGD 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
As a result of a rebound against a support level near the 50.00% Fibonacci retracement level at the 1.3930 level, the US Dollar is surging against the Singapore Dollar in a rising wedge pattern. The wedge is aimed at the combined resistance of the upper trend line of a dominant descending channel pattern and the 38.20% Fibonacci retracement level. Both of the resistance levels are located near the 1.4070 level. The Fibonacci retracement levels for this pair are measured by connecting the 2016 high level with the low level of 2016. It is most likely that after bouncing off the mentioned resistance levels the currency exchange rate will continue on its path lower.
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