Dukascopy Bank Team
Dukascopy Bank SA
USD/SGD 1H Chart: Channel Up
Comment: The exchange rate might fall some 20 pips more from the current level, but USD/SGD is soon expected to start a recovery. The immediate support is represented by the 200-hour SMA at 1.41, while the bullish outlook is ensured by the rising trend-line at 1.4075. From there the price will be in a good position to go after the upper boundary of the channel at 1.4270, where supply is also implied by the November high. However, there are notable arguments against the rally. First, the technical indicators are mixed. Secondly, the SWFX sentiment is bullish—the market is already overcrowded with long positions, meaning demand for the US Dollar might be low going into the future.
EUR/NOK 4H Chart: Rectangle
Comment: Following a strong rally from the well-established support at 9.15 EUR/NOK has entered a consolidation phase in the form of a rectangle. Eventually the pattern should be broken to the upside, but before confirming its bullish long-term intentions momentum of the currency pair will be tested by resistance at 9.64, where the monthly R3 joins forces with the September high.
In the meantime, below the key support at 9.44 the Euro will have a good chance to stabilise either at the monthly R1 (9.3640) or near the 200-period SMA at 9.33. Meanwhile, the SWFX market participants are undecided—47% of open positions are long and 53% are short.
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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