USD/SGD broke all resistance

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Source: Dukascopy Bank SA


Since the previous review of the USD/SGD technical chart, the pair had broken the resistance zone at 1.3690/1.3750 and the upper trend line of the channel up pattern. Afterwards, a surge occurred to the 1.3990 level on May 12. By May 25, the rate had declined from the 1.3990 level and retraced to the 1.3690/1.3750 range.

If the US Dollar resumes its surge against the Singapore Dollar, the pair would test the resistance of 1.3900, before reaching the 1.3990 level and the 1.4000 mark.

On the other hand, a decline below 1.3690 might result in the pair looking for support in the 1.3600 level and the 200-day simple moving average, prior to the 1.3550 level being approached.
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