USD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After indecisiveness during the last days of 2014, USD/SGD is now boldly moving north, towards the 2008 low at 1.3445, despite the technicals being largely mixed. While on its way to the resistance the pair should be supported at 1.3353, where the weekly R1 coincides with the daily R1 and the up-trend. However, if this demand is insufficient, the exchange rate is likely to fall 70-100 pips before the bears are stopped by a combination of the Dec 31 high, 200-hour SMA and daily S1. At the same time, there is a high probability of a downward correction from 1.3392 (weekly R2 and up-trend), in case the bulls remain in control.
© Dukascopy Bank SA
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