USD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the fact appreciation of the U.S. Dollar against its Singapore peer started early May, the pair embarked on formation of the bullish channel only closer to the end of the month. At the moment, the tunnel is circa 150-bar long and has average quality and magnitude.
Speaking about future moves of the instrument, we have to note that the 50-hour SMA at 1.2572 is likely to remain the key obstacle for a retreat that followed a recent stab to the upper-limit. From technical perspective, the pair may drop in the next hour but is likely to recover in the longer period.
© Dukascopy Bank SA
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