USD/SGD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Already starting from last year's November the U.S. Dollar has been gaining value relative to its Singapore counterpart. Recently, however, USD/SGD started falling. But, given that the support at 1.2740 withstands the bearish pressure, this will be only a downward correction without any implications for the general bullish trend. Accordingly, we will expect the greenback to appreciate until the price reaches 1.2870, where the rising resistance line is reinforced by the weekly R2 level. The positive outlook is also suggested by the technical indicators on all time-frames, although the SWFX sentiment is presently strongly bearish—71% of open positions are short.
© Dukascopy Bank SA
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Fri, 31 Jan 2014 11:55:23 GMT

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