USD/SGD 4H Chart: Channel Up

USD/SGD is testing the 200-period SMA at 1.4250. This is the last vital support, which has to be eroded, before the pair ultimately reaches the pattern's lower boundary exactly 100 pips below the moving average. There we expect more bullish activity, with another demand provided by weekly S2 and monthly S1 near 1.4133/15. The successive bullish scenario will then have to deal with the monthly pivot point at 1.4283. On the other hand, US Dollar is considered to be overbought for the moment, as three out of four open positions are long. This fact gives the bears a chance to violate the aforementioned support zone, which will later refocus the long-term attention to Dec low at 1.3925.