USD/SGD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Due to a strong support area near 1.2345 the currency pair was able to commence a robust recovery at the end of October, which later on turned into a bullish channel. Considering that the exchange rate is currently fluctuating at the upper boundary of the pattern, the near-term risks are heavily skewed to the downside. Once the dip is initiated, it will be expected to come to an end at the rising support line that creates formidable demand zone at 1.2453 together with the 200-period SMA and the weekly S2 level. At the same time the sentiment of the SWFX market is strongly bearish towards USD/SGD—70% of open positions are to benefit from USD's debasement relative to its Singapore's rival.

© Dukascopy Bank SA
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