Patterns: USD/SGD EUR/SEK
|USD/SGD 1H Chart: Decline continues
The Singapore Dollar has been appreciating against the US Dollar after the exchange rate reversed from the upper boundary of a medium-term channel at 1.3870.
As apparent on the chart, the pair is also trading in a short-term descending channel. From a theoretical point of view, the pair should follow the junior channel and aim for the lower boundary of the senior channel near 1.3680. Important support level is the monthly PP at 1.3703.
If the senior channel does not hold, a breakout south might occur and the rate might drop to the Fibonacci 38.20% at 1.3629.
EUR/SEK 1H Chart: Bearish momentum
The Euro has been appreciating against the Swedish Krona after the currency pair reversed from the Fibonacci 38.20% retracement at 10.33. This movement has been bounded in a short-term ascending channel.
Currently, the pair is trading the lower channel line at 10.36. Also, the pair is pressured by the 55-, 100– and 200-hour SMAs located in the 10.39/10.43 range. Given these facts, it is expected that a breakout from the channel might occur in the nearest future. Technical indicators for the 4H and 1D time-frames support bearish scenario.
Potential downside target could be the weekly S1 at the 10.30 mark.
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