USD/SGD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
When on 23rd of July the USD/SGD cross reached this year's low at 1.2366 the down-trend ended. Since then the pair has formed a 276-bar long bullish channel.
At the moment, the pair is hovering around the uptrend's support line, that is located at 1.2763. It seems that USD/SGD is lacking a substantial support level that could keep the pattern in effect. Therefore, we expect that the current trend could be breached this week. Also, the SWFX traders' are strongly bearish on the pair as 74.19% of them think that the US Dollar is overvalued against the Singapore's currency. We expect the pair to decline below the 1.27 mark.
© Dukascopy Bank SA
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