USD/SGD reveals sideways range

Note: This section contains information in English only.
Source: Dukascopy Bank SA


First of all, since the last review of the USD/SGD pair done on February 17, the currency exchange rate has broken the channel down pattern that guided the rate down since early December. Since the breaking of the pattern, in March, the pair approached the 1.3700 mark, before declining back down.

On March 31, it was spotted that the pair's last half-year high and low levels reveal a sideways range. Support is found at 1.3380/1.3425 and resistance is located at 1.3690/1.3750. In the meantime, take into account that the range is located in the borders of a large scale channel up pattern.

Most recently, the rate retreated and was finding support in the combination of the 1.3550 mark and the 50 and 200-day simple moving averages. However, the support levels were being pierced, as on Wednesday, March 30, the rate retreated below 1.3550. On March 31, Thursday, the pair appeared to be confirming the moving averages and the 1.3550 level as resistance.

A potential loss of value by the US Dollar, compared to the Singapore Dollar, could be slowed down by the round exchange rate levels at 1.3500 and 1.3450. Further below, the 1.3380/1.3425 zone is expected to provide support.

If the currency exchange rate manages to get back above 1.3550, the 1.3600 and 1.3650 levels might act as resistance, before the pair reaches the 1.3690/1.3750 high level zone.

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