USD/SGD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
For a fifth consecutive day the US Dollar is trying to pierce through the major resistance area and commence an eventual rebound from the lower boundary of the bullish channel. The nearest supply is reinforced by the 100 and 55-period SMAs, as well as the weekly pivot point just below 1.35. An ability to consolidate above them will refocus attention on the next major support at 1.3628 (monthly R1, Jun 8 high), while paying most of attention to the pattern's upper trend-line at 1.3709. A rebound is broadly supported by 73% of SWFX market participants. At the same time, 4H and daily technical studies suggest there is a greater possibility of the Buck's slump against the Singapore Dollar.
© Dukascopy Bank SA
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