USD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The USD/SGD currency pair has been trading upwards since the beginning of the previous trading week, May 18. Alongside, the trading range is gradually widening, meaning that the present channel up pattern may become the broadening rising wedge in the foreseeable future, in case the trend persists. The pair is currently expected to head in the direction of the lower trend-line, following a bounce back from the upper edge two days ago. In case the Greenback successfully penetrates the weekly R1 at 1.3448, then further sell-offs will have a greater chance to take place. Meanwhile, the long-term forecast remains more or less bullish, considering a high (70%) share of bullish open positions.
© Dukascopy Bank SA
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