USD/SGD 4H Chart: Channel Up

We continue to observe emergence of an upward-sloping corridor on the four-hour chart of USD/SGD, which was started on Oct 23 after the currency hit a rock bottom near 1.2350.

Since at the beginning of this week the pair respected the rising support line at 1.2479 (it was reinforced by the monthly S1 and the 200-period SMA), there is a good chance the bullish course will be maintained until the price climbs up to the upper boundary of the channel at 1.2604. On the other hand, most of the SWFX market participants are opposed to the idea of U.S. Dollar's appreciation relative to its Singapore rival—72% of open positions are short.