USD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While the US Dollar is likely to weaken today, the longer-term prospects are bullish. The currency pair has recently approached the upper boundary of the channel, meaning there is likely to be a sell-off from 1.3720. However, the decline should be short-lived, considering that the price closed above the 200-hour SMA and there is a dense demand area circa 1.3650, created by the weekly pivot point and lower boundary of the pattern. USD/SGD has the potential to rise up to 1.3850 by the end of the month, but is not expected to move beyond this level. Meanwhile, in case the rate dips through the green trend-line, the bulls will have a good chance to recuperate near the March 22 low at 1.3570.
© Dukascopy Bank SA
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