USD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
A double top on April 9 proved its presence by inducing a solid downtrend on the hourly chart, but leading to a build-up of bullish potential in a flattened channel up pattern. The pair is trading in the middle of the formation and making its way towards the upper trend-line around 1.4000 where we expect it to bounce off and continue inside the solid bounds. Because the rate has entered a cloud resistance area which is bolstered by various other levels, a slight consolidation might be coming up next, but is not expected to be strong enough to keep the pair underneath it. The flatness should be cut around 1.3982 and lead to a steeper movement to the upside.
© Dukascopy Bank SA
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