USD/SGD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
On January 27 the US Dollar began leaving area around the upper trend-line of the bullish pattern and decided to go lower. Two days ago the bearish pressure intensified and the cross is already approaching monthly PP / weekly S1 around 1.3440. This support line, in turn, is also reinforced by 100-period SMA from the downside. At the moment a breach of this demand seems unlikely, despite bearish technical studies on 4H chart. Daily and weekly indicators are giving strong bullish signals, meaning that eventually we should see a continuation of the up-trend. In addition to that, as many as 72% of all market participants are holding long opened positions on the Buck.
© Dukascopy Bank SA
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