USD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In the short-term we are likely to observe a setback in terms of the US Dollar's value against its peer from Singapore. This is because the pair has recently touched the upper edge of the ascending channel. The sell-off should proceed until the 1.3624 mark where USD/SGD will face the 100-hour SMA, which is backed by the weekly R2 from above. Here the technical indicators on 1H and 4H time frames are looking for a fresh wave for purchases. In the medium-term, the pair is expected to set a new two-month high when the 1.3731 marker is breached. Positive scenario is moderately supported by the distribution of SWFX positions, which is 58% short and will benefit the bulls in the foreseeable future.
© Dukascopy Bank SA
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