© Dukascopy Bank SA
As none of the U.S. Dollar's attempts to recover beyond 1.28 proved to be sustainable, the currency pair entered a negatively-sloped corridor. The bearish channel implies that the greenback will continue to underperform, as it is now capped by the falling resistance line at 1.2537, which is also strengthened by the weekly and monthly pivot points.
Additional supply zone is near the recent high at 1.2597, where it merges with the 200-period SMA and weekly R2. On the other hand, the SWFX sentiment towards USD/SGD is explicitly bullish—as many as 74% of the market participants are currently holding long positions.
© Dukascopy Bank SA