USD/SGD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is simultaneously trading in two ascending channels against the Singapore Dollar. The short term channel up pattern formed in the borders of the larger channel. The short term pattern came into existence as a result of the 200-period SMA stopping and rebounding the rate on the night from September 22 to 23. In addition, it is not the first time that the 200-period SMA has changed the rates direction in the middle of the larger pattern. Previously, the SMA changed the pair's direction, and the exchange rate moved to confirm once more the pattern's trend line. In the meantime, SWFX trader sentiment is 61% bullish on the pair, which means that there is still room for the surge to the larger channel's resistance line.
© Dukascopy Bank SA
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