Dukascopy Bank Team
Dukascopy Bank SA
USD/RUB 1H Chart: Channel Up
Comment: Having established a strong support around 36.00, USD/RUB was able to form a bullish channel, meaning the U.S. Dollar is expected to gain in value versus the Russian Ruble. However, for the bullish outlook to remain in effect over the coming trading days, the pair should stay afloat above the upper trend-line at 38.18. Meanwhile, most of the technical indicators are mixed, while the 4H ones are more to the upside. We think that the up-trend’s support together with the monthly R2 and weekly R1 will carry the pair above the 38.00 mark and extend the current trend. Nonetheless, the majority of the traders are sceptical on further gains, as 68.36% of them have opened short positions.
EUR/SGD 4H Chart: Broadening Falling Wedge
Comment: Being unable to surpass the 1.71 mark, EUR/SGD was forced to enter a downward trend. There are certainly more bearish signals then bullish at the moment, even though the currency pair currently is moving closer to the down-trend’s resistance line. One of the key drivers are the technical indicators, as daily and weekly ones still remain to the downside. Moreover, the traders’ sentiment is strongly bearish, with 70.08% of the SWFX market participants expecting the Euro to lose value against the Singapore’s currency. However, currently the pair seems well-supported by the weekly PP and daily S1 at 1.6332/26, thus in the short term we might see a climb towards the 1.64 level.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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