USD/SGD 4H Chart: Double Top

USD/SGD has been trading range bound since Tuesday of this week, when a support line in face of the 100-period SMA kept the US Dollar afloat and rejected the idea of a drop below the pattern's horizontal trend-line. However, the main resistance is currently being created by another moving average on a 55-period time frame. Despite that, the average trend of the cross seems to be slightly bullish; therefore, we suggest the Buck is capable of escaping the narrow range and growing in the mid-term. Bulls are in turn aiming at the recent peak of 1.4175 at the moment. Their views are shared both by daily technical indicators and the vast majority (63%) of SWFX market participants.