USD/SGD 1H Chart: Channel Down

Source: Dukascopy Bank SA
After USD/SGD broke the neckline of a head and shoulders formation and confirmed the downtrend by sketching a bearish channel on the daily chart, another one emerged on the hourly chart to serve the purpose of leading the pair to the lower trend-line at 1.3925. The rate has already completed the motion and slightly broken the channel to the upside, and we will look for it to exit it completely in a motion targeting the top of the senior channel around 1.4144. Immediate resistance lies at 1.3982, but the area should not hold strong against the surging motion. The retracement against the broken channel trend-line is likely completed already, as the pair has touched the cloud support that surrounds the area.
© Dukascopy Bank SA
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