EUR/SGD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is simultaneously in two ascending channel patterns against the Singapore Dollar. First of all is the larger scale pattern, which represents the Euros gradual appreciation against the Singapore Dollar since June 24, when the Brexit vote hit the strength of the Euro. Secondly, on a smaller scale the currency exchange rate has formed another channel up pattern, which represents the rates most recent surge, as the currency pair recently reached the larger pattern's lower trend line and rebounded. If the short term pattern remains in force, the currency exchange rate is set to reach the larger channel's resistance around the level of 1.5550 in the timeframe from October 7 to October 19.
© Dukascopy Bank SA
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