USD/SGD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Dollar carries clear downside risks in its pair with the Singapore Dollar. This particular cross is departing from the upper trend-line of the channel down pattern, while the most important moving average lines and the weekly pivot point are already behind the spot price of 1.35. Technical indicators on all three time frames are pointing down at the moment, meaning we should expect an attack on the March 31 low at 1.3415 soon. If the bearish pressure is sustained down there, USD/SGD will likely see an additional selloff in the direction of the first weekly support at 1.3372, followed by the pattern's lower edge at 1.3310. Bullish activity may revive here, as a recovery is also forecasted by 60% of SWFX traders.
© Dukascopy Bank SA
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