USD/SGD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
On a four hour chart, the US Dollar entered a channel down pattern against the Singapore Dollar on May 24. The patterns trend lines have been confirmed two times. At the moment, the currency exchange rate has bounced off the upper trend line at 1.3552, and it is moving down at 1.3502. However, on the way down to the lower trend line, the pair is set to meet the supports provided by the May and April lows respectively at 1.3398 and 1.3372. The depreciation of the US Dollar against the Singapore Dollar is also supported by the SWFX market sentiment, as the traders are bullish with 71% of all open positions, which indicates that the pair might be overbought. In addition, the exchange rate is not facing any weekly or monthly supports down to the level of 1.3386 where the weekly S2 is located.
© Dukascopy Bank SA
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