© Dukascopy Bank SA
USD/SGD has performed well starting from the third week of July till now, after being on a down-trend since the beginning of year. Nonetheless, at the moment the pair is hovering around the lower boundary of the pattern and it has to gain bullish momentum. We think the major level at 1.25, weekly PP at 12502 and the overwhelmingly bullish sentiment towards the pair should push the Greenback higher. At the time of writing 70.82% of the traders expect the buck to outperform the Singapore counterpart. However, if for some reason the pair slides below the up-trend's support line we might see a sell-off towards the cluster of supports (100 and 200-period SMA; weekly S1; monthly PP).
© Dukascopy Bank SA