USD/SGD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although USD/SGD has been trading in this bullish channel for 270 hours, right now it is threatening to breach the lower boundary of the pattern at 1.2648 last tested on Jun 19; the 200-period SMA has already been violated. Additional tough supports in case of more bearishness are to be found at 1.2619 and 1.2567.
In the meantime, 4H and daily technical indicators show different signals. Similar indecision is observed among the open positions, 51% of which are long and 49% are short, as it is currently uncertain whether the price is going to rebound or fall lower.

© Dukascopy Bank SA
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