Dukascopy Bank Team
Dukascopy Bank SA
USD/SGD 1H Chart: Channel Up
Comment: With the help of demand at 1.3170 USD/SGD seems to have ended the downward correction that started after the price touched resistance at 1.3950 in mid-March. The bullish outlook is confirmed by the fact that the currency pair has formed an upward-sloping channel. However, in the very near-term we are likely to see a sell-off, being that the US Dollar is currently trading at the upper boundary of the pattern. The exchange rate is expected to fall down to 1.33, where it is going to meet a cluster of supports, created by the 200-hour SMA, rising line, and daily S1 level. Here the recovery should resume. Meanwhile, the sentiment is strongly bullish: 73% of open positions are long.
USD/PLN 4H Chart: Channel Down
Comment: There appears to be a bearish channel emerging on the four-hour chart of USD/PLN, but the upper boundary of the pattern for now is not as reliable as the lower one. Still, the pair is expected to stay beneath the trend-line at 3.63 and follow the bearish scenario. The nearest support level is at 3.59, but the sell-off is likely to extend down to 3.52-3.50 area before we see a pronounced upward correction. In the meantime, in case the supply area between 3.65 and 3.63 fails to contain the bulls, the US Dollar will be in a good position to target 3.7250, where the weekly R1 joins forces with the 200-period simple moving average. As for the SWFX market sentiment, 67% of positions 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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