USD/SGD 1H Chart: Channel UpUSD/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.
