USD/SGD 4H Chart: Channel Down

Risks for the Greenback are skewed to the downside, owing to the fact this currency is estimated to confront a formidable resistance bunch. First of all, the weekly R2 and the monthly pivot point are placed close to each other between 1.3656 and 1.3660, respectively. On top of that, the 200-period SMA is sharply moving down. Its current level is located within only 14 pips from the mentioned monthly pivot. In case the US Dollar fails at any of these resistances, as projected by the weekly technical indicators, then the outlook is going to shift back to the lower bound of the channel at 1.33. To reach the upper boundary, however, the pair must additionally close beyond 1.3718 (weekly R3).