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While the U.S. Dollar is underperforming relative to the Swiss Franc, it manages to gain ground against its Singapore counterpart. And if the support at 1.2545, consisting of the 200-hour SMA and rising support line, stops the current bearish correction and triggers buying, the resistance at 1.26 will most likely be USD/SGD's next destination.
In the meantime, although the technical indicators are largely mixed on all the time-frames, the target in the longer-term perspective could be 1.28, namely the high seen on Mar 20, as the sentiment of the SWFX market is explicitly bullish right now—73% of all open positions on the currency pair are long.
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