USD/SGD 1H Chart: Channel Down

An encounter of USD/SGD with the resistance at 1.2831 on Jan 23 prevented further appreciation of the U.S. Dollar and initiated a decline that still persists and may be described as a channel down pattern. However, in the nearest future there is a good possibility that the greenback will be able to recover at least some of the losses, considering that the price has just hit the lower boundary of the downward-sloping corridor and most of the hourly technical indicators are giving ‘buy' signals. Meanwhile, as many as 70% of the SWFX market participants doubt that the buck will manage to gain ground—they are presently holding short positions on the currency pair.