USD/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After marking a new high level on January 3 against the Singapore Dollar, the US Dollar has been depreciating in a medium term descending channel. The rate is set to continue its way lower without much hindrance. However, there will still be one nuisance, which will slow down the surge of the Singapore Dollar. The currency exchange rate has proven itself to find temporary support in the Fibonacci retracement levels, which are measured by connecting the January 3 high level with 2016 low level. As the pair moves lower, it is set to meet with the 38.20% Fibonacci retracement level at 1.4077. In addition, there can be seen a short term horizontal channel, which is about to become obsolete.
© Dukascopy Bank SA
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