31 Oct 2013
USD/SGD pulls off bounce; targets 1.24
FXstreet.com (Chicago) - USD/SGD fell to 1.2368 session lows and remains below the 1.24 front ahead of US data releases.
USD/SGD Technical Levels
Technically speaking, the pair extends a corrective move after fall from the 1.28 zone earlier last month. The pair creates a rectangular pattern around the 1.23 zone printing double bottoms. Offered at 1.2387, the pair oscillates between the supports aligned at 1.2350 (March 1st lows), 1.2311 (April 14th lows) ahead of 1.2264 (October 28th lows) and the resistances set at 1.2420 (September 17th lows), 1.2454 (October 16th highs) followed by 1.25 (June 18th lows). On hourly charts, the pair evidences navigation around weekly lows, 6-month depths. Daily and weekly charts evidence how the bearish channel has been pretty steep while monthly charts show a primary trend pointing down.
USD/SGD Technical Levels
Technically speaking, the pair extends a corrective move after fall from the 1.28 zone earlier last month. The pair creates a rectangular pattern around the 1.23 zone printing double bottoms. Offered at 1.2387, the pair oscillates between the supports aligned at 1.2350 (March 1st lows), 1.2311 (April 14th lows) ahead of 1.2264 (October 28th lows) and the resistances set at 1.2420 (September 17th lows), 1.2454 (October 16th highs) followed by 1.25 (June 18th lows). On hourly charts, the pair evidences navigation around weekly lows, 6-month depths. Daily and weekly charts evidence how the bearish channel has been pretty steep while monthly charts show a primary trend pointing down.