USD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
It seems that currently the USD/SGD currency pair is glued to the lower trend-line of the bullish pattern, which increases the risk of a downward break-out. Despite the aggregate positive signal showed by hourly technical indicators, daily studies are pointing downwards at the moment, meaning that we should not exclude a possibility of the boundary being breached. In case this happens, we expect both 55-hour SMA and daily PP to support the US Dollar around 1.4250. Additional demand is also provided by 100-hour SMA, currently at 1.4238. As for market sentiment, the majority of traders still see the Greenback higher at almost 64% of all open trades are long.
© Dukascopy Bank SA
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