USD/SGD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Prospects of USD/SGD are currently mixed. From one side, the pair has formed a bearish channel, which implies the near-term rallies are to be contained by the red trend-line at 1.3520, while the target is the lower trend-line of the pattern at 1.3440. The negative outlook is reinforced by the technical indicators in all three relevant time frames and is further strengthened by the positioning of traders: 74% of them are long. From the other side, the US Dollar is still trading above the key support trend-line at 1.3470 that connects April, May and June lows. If it is broken, however, there is a good possibility that the sell-off will extend down to 1.3390, namely the May low. Meanwhile, the April low will be nearby at 1.3350.
© Dukascopy Bank SA
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