USD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US currency is now ticking down against the Singapore Dollar, although a general outlook for this currency pair is positive. This forecast is reflected in the technical indicators, as 1H studies are pointing to the downside, while in the four-hour time-frame they are positive. Current depreciation is justified by the SWFX market sentiment, as more than 72% of all positions are long. It proclaims that the Greenback is overbought with respect to SGD. Meanwhile, the pair will shortly meet an important demand below 1.41, which is strengthened by 200-hour SMA and weekly pivot point. A drop under them will expose the pattern's lower trend-line at 1.4064 where a new up-leg is likely to commence.
© Dukascopy Bank SA
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