USD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
US Dollar is currently undergoing its sharpest correction within the time frame of the present pattern. Since the beginning of Sep 8 the cross has already lost around 100 pips, which is considered to be a lot, taking into account a narrow trading range between the pattern's two boundaries. However, we expect the Greenback to receive strong support from the 1.4180 area, where daily S1/weekly PP merge with the lower trend-line. However, in case it fails to recover and the price falls below the mentioned cluster of demands, then bulls show seek support from 200-hour SMA at 1.4146 and weekly S1 at 1.4118. Nevertheless, SWFX traders are backing the first scenario, as 69% of all open positions are long.

© Dukascopy Bank SA
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