USD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
With the help of demand at 1.3170 USD/SGD seems to have ended the downward correction that started after the price touched resistance at 1.3950 in mid-March. The bullish outlook is confirmed by the fact that the currency pair has formed an upward-sloping channel. However, in the very near-term we are likely to see a sell-off, being that the US Dollar is currently trading at the upper boundary of the pattern. The exchange rate is expected to fall down to 1.33, where it is going to meet a cluster of supports, created by the 200-hour SMA, rising line, and daily S1 level. Here the recovery should resume. Meanwhile, the sentiment is strongly bullish: 73% of open positions are long.
© Dukascopy Bank SA
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