Patterns: USD/PLN, USD/SGD
|USD/PLN 4H Chart: Occuring rebound
The US Dollar recently reached the lower trend line of a long term descending channel against the Polish currency. As a result the pair has already formed a short term ascending channel pattern.
However, the channel has met with fierce resistance in the form of the monthly S1 at the 3.3760 mark and the 38.20% Fibonacci retracement level, which is located just below it at the 3.3750 mark.
Due to that reason this isn't a set up where one can simply enter. Instead a retail trader should look for the moment, when the mentioned resistance is finally passed. When that occurs, most likely a break out to the upside will occur.
USD/SGD 4H Chart: Declines with large volatility
The Greenback bounced of a large scale 50.00% Fibonacci retracement level against the Singapore Dollar at the start of April. As a result of the event a descending channel down pattern has formed.
The channel has already managed to pass two strong support clusters near the 1.3150 and the 1.3125 levels. Moreover, it doesn't seem to face any additional support below it.
The only exception to that is the weekly S1 1.3082, which stands in the way of the Singapore Dollar's surge.
Meanwhile, note that below the weekly S1 the historical low level of 1.3060 might provide support.
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