USD/SGD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A jump to a two-month high of 1.2794 in the second part of March marked the beginning of the long-lasting downswing that sent USD/SGD to a seven-month low of 1.2453 hit on April 10. Being a subject to a heavy selling pressure, the pair did not surprise anybody by forming a bearish tunnel, within which it is sitting at the moment.
However, the latest moves of the pair suggest that it is not as weak as it may seem. During the last eight hours, the currency couple advanced from the lower to the upper-boundary of the pattern and if the tendency continues, we may even see a bullish breakout in the hours to come.
© Dukascopy Bank SA
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