USD/SGD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
On a smaller scale the USD/SGD currency exchange rate is moving in an ascending channel pattern, as it struggles with the resistance set up by the 61.80% Fibonacci retracement level, which is a part of the retracement levels connecting the 2015 low and 2016 high levels. However, on a larger scale a head and shoulders pattern's first half can be drawn. Moreover, there does not seem to be any easy to notice, large scale pattern active. In addition, previous movements between the Fibonacci retracements are the ones, who have been the reason of the large scale patterns forming. For not the rate will continue to move in accordance with the channel. However, it is most likely become overbought in some time and reverse its direction. Due to that it is suggested to watch the market sentiment.
© Dukascopy Bank SA
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