USD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
As a result of rebounding after meeting with the support put up by the 50.00% Fibonacci retracement level, which is located at the 1.3933 level, the US Dollar has formed an ascending channel pattern against the Singapore Dollar. The pair is heading, in accordance with the pattern, to the 38.20% Fibonacci retracement level, which is located at the 1.4079 level. The relevant Fibonacci retracement levels for this pair are measured by connecting the 2017 high level and the 2016 low level. However, the SWFX market sentiment indicates that the surge might be at its end, as 70% of trader open positions are long. Such a high number of positions can be considered overbought, and a decline expected.

  Level  Rationale     Indicator 1H 4H 1D
R4 1.4091 Weekly R3     MACD (12; 26; 9) Buy Buy Sell
R3 1.4079 38.20% Fibo     RSI (14) Sell Sell Neutral
R2 1.4070 Monthly R1     Stochastic (5; 3; 3) Sell Buy Sell
R1 1.4058 Trend line     ADX (14) Buy Neutral Neutral
S1 1.4041 Weekly R2     CCI (14) Sell Sell Sell
S2 1.4021 Trend line     AROON (14) Buy Buy Buy
S3 1.4008 Weekly R1     Alligator (13; 8; 5) Buy Buy Sell
S4 1.3989/87 Monthly PP; 55-hour SMA     SAR (0.02; 0.2) Buy Buy Sell
          Aggregate ↗ ↗ ↘
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