Dukascopy Bank Team
Dukascopy Bank SA
USD/SGD 1H Chart: Channel Down
Comment: On 11th of August USD/SGD started to form a bearish channel. Therefore, it is expected that the Greenback might be losing value versus the Singapore’s peer in the foreseeable future. Although, this scenario is not supported by the technical indicators, with the daily technicals pointing to the north. Moreover, the pair’s sentiment is strongly bullish (71.95%) and since the pair is hovering around the pattern’s resistance line for some time we might expect a break-out to the upside. In case the previously mentioned resistance level is breached then the pair will head towards the 100-period SMA and weekly PP at 1.2464/67.
GBP/USD 4H Chart: Broadening Falling Wedge
Comment: GBP/USD has already lost around 500 pips since it was trading near the major level at 1.72 and a further decline is possible since there is a Falling Wedge pattern emerging on the chart. The Daily technical studies are pointing south, strengthening the bearish outlook. Although, to prove its bearish intentions the pair has to slide below the 1.67 level, after approaching the upper boundary around the weekly PP at 1.6741. Nonetheless, the pair’s sentiment is slightly bullish, with 57.43% of the SWFX traders expecting the Pound to outperform the U.S. counterpart. The medium term target level for the pair’s bears is the major level at 1.66.
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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