USD/SGD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SGD appears to be trading within a bearish channel, which means we are likely to see the pair being rejected by the falling resistance trend-line at 1.3880. If this is the case, the first target will the Oct 15 low and the monthly S2. However, we expect a bigger correction to start lower, around 1.3640, but demand area at 1.3730/00 does represent significant upside risk. Alternatively, should supply at 1.3880 be insufficient to trigger a sell-off, there will be resistances at 1.3968 and 1.4060/30, but it is the monthly PP and 200-period SMA at 1.4150 that are likely to act as a ceiling and prevent further recovery. At the same time, the sentiment is only slightly bearish: 56% of positions are short.
© Dukascopy Bank SA
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