USD/SGD 4H Chart: Channel going upwards
The last time the USD/SGD pair was reviewed by the Dukascopy analysts, it was discovered that there is a medium term ascending channel guiding the Buck higher against the Singaporean currency.
That pattern has remained intact and is best observed on the four hour timeframe chart. However, by switching to the hourly chart one can spot additional details.
Namely, the pair is squeezed in between support levels ranging from 1.3194 to 1.3205 level and the new monthly pivot point at the 1.3217 mark.
In accordance with the pattern and the fact that the support seem much stronger, the pair should break out to the upside to make another attempt to pass the resistance levels, which are located near the 1.3285 mark.
That pattern has remained intact and is best observed on the four hour timeframe chart. However, by switching to the hourly chart one can spot additional details.
Namely, the pair is squeezed in between support levels ranging from 1.3194 to 1.3205 level and the new monthly pivot point at the 1.3217 mark.
In accordance with the pattern and the fact that the support seem much stronger, the pair should break out to the upside to make another attempt to pass the resistance levels, which are located near the 1.3285 mark.