EUR/SGD 1M Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
For the time being the risks are heavily skewed to the downside. The currency pair has recently confirmed the upper bound of the channel, meaning we should see a sell-off from 1.57 and through the recently established rising support trend-line that is standing at 1.5150. If this is the case, the new targets will the November 2015 and the whole 2015 minimums at 1.4830 and 1.4360 respectively. However, positioning of traders in the SWFX market is an obstacle to a decline, being that 72% of open positions are already short. Accordingly, if resistance at 1.57 is broken, there will be a good chance of a rally fuelled by short-squeezing towards 1.7670, namely the 2014 peak.
© Dukascopy Bank SA
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