USD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The USD/SGD currency pair is testing the lower trend-line of the bullish pattern at the moment. The Greenback has experienced a noticeable depreciation against the Singaporean currency; however, a rebound is likely to begin the nearest future. Firstly, the pattern's support is reinforced by the daily PP and 55-hour SMA from below around 1.3475. Moreover, the medium-term technical indicators are giving signals to acquire the US currency, even though in the next 24 hours they suggest another plunge in the pair's value. Meanwhile, the majority of traders (70%) are bullish on the Greenback against the Asian currency, as they are holding long open positions.
© Dukascopy Bank SA
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