USD/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The immediate outlook on USD/SGD is strongly bearish. The pair is currently trading near the upper boundary of the descending channel, the upper boundary of which it has recently confirmed. We expect the price to stay under 1.3570/50 (weekly R1, down-trend and July 5 high) and close beneath 1.34 in the nearest future. The sell-off will likely extend towards 1.3250. There the rate should stabilise and begin an upward correction, considering that the support level is created by the lower bound of the channel and reinforced by the monthly S1 and weekly S3. An additional argument in favour of a weaker Greenback is the distribution between the bulls and bears: 72% of positions are long and 28% are short.
© Dukascopy Bank SA
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Mon, 11 Jul 2016 07:53:33 GMT

USD/CHF 1D Chart: Channel Down

The near-term outlook is bearish, being that the pair is trading at the upper boundary of the descending channel. The longer-term bias, however, is rather ambiguous. From one side, the US Dollar should strengthen, being that last year the pair broke the 13-year resistance line and confirmed it as a new support in May. From the other side, since 2011

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