USD/SGD 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SGD has been in a strong up-trend since July 2014, after the currency pair had established a solid support at 1.24. At the moment the price faces tough resistance represented by the 2010 Apr low, but the bullish momentum has not yet been fully exhausted, as suggested by the daily and weekly technical indicators. If the US Dollar closes above 1.3640, the next objective is likely to be a combination of the monthly R2 and the upper boundary of the channel at 1.3780. Additionally, the SWFX market participants are distinctly optimistic regarding the prospects of the Greenback, as 73% of open positions are to profit from currency's further appreciation against SGD.
© Dukascopy Bank SA
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