USD/SGD 1H Chart: Channel Up
- The American Dollar is trading against the Singapore Dollar in medium-term ascending channel that formed in the result of a change of trend in the end of July.
- At the moment, the pattern consists of multiple reaction highs and a number of uneven reaction lows.
- Due to fundamental events the currency rate showed to be quite indifferent towards various barriers such as moving averages.
- For this reason, the pair might successfully break through the 200-hour SMA near 1.3615 and the weekly PP at 1.3619 to the top.
- On the other hand, the fact that it failed to slide below the 1.3595 mark and to climb above 1.3612 two times allows assuming that the rate is fluctuating in a minor flag pattern.
- If this assumption is true, the buck should fall to the channel’s bottom trend line.
