USD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Our outlook on USD/SGD is strongly positive. Apart from the bullish technical indicators and the fact that the currency pair has recently established a solid support line at 1.3570, the price has just breached the seven-month falling resistance trend-line. Accordingly, we expect the US Dollar to stay above the new support area at 1.3585, while the current target is the upper bound of the emerging channel at 1.3670. The next objective could potentially be the June 24 high at 1.3750. The SWFX market participants, however, seem to be undecided with respect to the Greenback, being that only a slight majority of them, namely 55%, is short, while 45% is long.
© Dukascopy Bank SA
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