USD/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SGD is currently taking a break from the eight-month up-move, and for the time being there are no convincing reasons to believe that there was a reversal of the major bullish trend at 1.3930. Accordingly, while selling on rallies at the upper boundary of the channel we should be wary of a potential break-out to the upside, which should eventually take place.
As for the short run, a recovery from 1.3490 is likely to extend trough resistance at 1.3580 and reach the trend-line at 1.3640, where the bears are expected to take control of the pair and subsequently send it towards 1.3380. Meanwhile, the sentiment is distinctly bullish: 71% of positions are long.
© Dukascopy Bank SA
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