USD/SGD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SGD has formed a channel up pattern on October 23, and since then the pair has touched both trend lines more than 4 times, making both the upper and lower trend lines worth paying attention to. After fluctuating around pattern's support for 23 bars, the pair moved to the south and at the moment of writing was trading just 7 pips above the support line. Regarding the future outlook, in a short-term it is bearish, as 71% of traders are holding short positions. Nevertheless, a strong downside movement is unlikely, as just pips below the support line is located the 200-period SMA, which is expected to limit pair's depreciation. Meanwhile, indicators on a weekly chart are sending "sell" signals.
© Dukascopy Bank SA
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