USD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
The exchange rate might fall some 20 pips more from the current level, but USD/SGD is soon expected to start a recovery. The immediate support is represented by the 200-hour SMA at 1.41, while the bullish outlook is ensured by the rising trend-line at 1.4075. From there the price will be in a good position to go after the upper boundary of the channel at 1.4270, where supply is also implied by the November high. However, there are notable arguments against the rally. First, the technical indicators are mixed. Secondly, the SWFX sentiment is bullish—the market is already overcrowded with long positions, meaning demand for the US Dollar might be low going into the future.
© Dukascopy Bank SA
© Dukascopy Bank SA
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