USD/SGD approaches support zone

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Source: Dukascopy Bank SA


Since the 2021 high level was hit during late November, the USD/SGD currency exchange rate has been declining in a channel down pattern. During February, the pair was booking new low levels, as it approached the support zone of the June and September lows at 1.3385/1.3400.

A passing below the support zone could look for support in the lower trend line of the channel up pattern, which captures the rate's wide range surge throughout 2021. The trend line is located below the 1.3350 mark.

On the other hand, a hold out of the support zone might result in a recovery. A potential recovery of the US Dollar against the Singapore Dollar would find resistance in the combination of the 50-day simple moving average and the upper trend line of the channel down pattern near 1.3500.
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