USD/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SGD keeps trading within the boundaries of the bearish channel. Since the last time we looked at the pair, it has confirmed the upper trend-line once again, reinforcing the bearish outlook. Now, we see a ceiling at 1.3530/20, where the red trend-line is strengthened by the monthly pivot point and the long-term moving average. Our target for the end of July is thus the 2015 low, while the closest major support is at 1.3350, where the April low coincides with the weekly S2. Additional demand is at 1.3290 and 1.3260. The positioning in the SWFX market also favours a decline in the price, being that the Greenback is overbought—73% of open positions are currently long.
© Dukascopy Bank SA
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