EUR/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SGD is currently trading within a well-defined channel, after the currency pair rebounded from the 13-month up-trend. The near-term bullish outlook is also supported by the fact that the price is right at the lower boundary of the pattern, meaning it should rally from 1.5550. However, there is a strong counter-argument against longer-term appreciation of the single currency, and this is a major 26-month descending resistance line at 1.56. Accordingly, while the SWFX market appears to be undecided (47% of positions are long and 53% are short), our base case scenario is a sell-off from 1.56, potentially down to 1.5340/30, namely the weekly pivot point and 200-hour SMA.
© Dukascopy Bank SA
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