USD/SGD 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SGD has formed several patterns during the last couple of months, including a triangle, descending triangle as well as double bottom, which is moving to its apex. Until U.S. politicians cannot agree on budget, the greenback will continue losing ground versus other currencies. Furthermore, technical indicators on a 4H chart are suggesting weakness of U.S. Dollar as well. Couple of hours ago bears tried to penetrate the support line, and the latest low is already lower than the previous one, meaning a period of consolidation is over and we can expect lower prices. As an alternative scenario, the price may bounce back from current level and try to reach 1.2527.
© Dukascopy Bank SA
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