USD/SGD 4H Chart: Rate tests strong resistance
The US Dollar has been trading in an ascending channel against the Singapore Dollar. This pattern began early in January and has since guided the pair towards a new 2018 high of 1.3480. The pair also breached the previous long-term pattern at the beginning of May.
During the past three weeks, the US Dollar has been moving sideways, fluctuating between the aforementioned yearly high and the 1.33 level. The pair is still located in the given range. It has, however, fallen below the 100– and 200-period SMAs which is a bearish signal. Technical indicators on the daily chart are likewise tended southwards.
Taking this into account, it is expected that the Greenback weakens during the following weeks, setting the monthly S1 at 1.3255 as a possible weekly target.
During the past three weeks, the US Dollar has been moving sideways, fluctuating between the aforementioned yearly high and the 1.33 level. The pair is still located in the given range. It has, however, fallen below the 100– and 200-period SMAs which is a bearish signal. Technical indicators on the daily chart are likewise tended southwards.
Taking this into account, it is expected that the Greenback weakens during the following weeks, setting the monthly S1 at 1.3255 as a possible weekly target.