USD/SGD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is in an ascending channel pattern against the Singapore Dollar, as the currency pair is nearing the pattern's lower trend line, which is located at the moment at 1.3467. However, the price might have already rebounded, as the trend line is only a part of a larger support cluster, which is also made up from the monthly PP at 1.3481, 55, 100 and 200-hour SMAs at respectively 1.3491, 1.3459 and 1.3446 and the weekly PP at 1.3434. Due to the large pressure from the cluster, the currency exchange rate recently bounced upward to 1.35 by 10:00 GMT. Although, the currency pair is still close to being overbought as 65% of open positions are long. In the meantime, daily aggregate technical indicators forecast no change for the pair during the rest of the day's trading session.
© Dukascopy Bank SA
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