USD/SGD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar recently broke out of a rectangle pattern against the Singapore Dollar, and the breakout happened in accordance with an ascending channel pattern. At the moment, it is clear that the rate will most likely continue to surge, as the rectangle's upper trend line is now providing support to the channel's lower trend line. There is only 15 pip distance between the trend lines, and, moreover, the first weekly resistance is providing more support at 1.3667. However, the currency pair is already overbought, as 72% of open SWFX positions are long. Daily aggregate technical indicators also are not fully supporting the channel, as on a daily timeframe a fall is forecasted.
© Dukascopy Bank SA
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