USD/SGD has recently broken down through the horizontal Key Level support 1.2577 identified by Autochartist on the hourly charts. The Significance of this Key Level is rated at the 3 bar level. This Key Level Breakout is aligned with the long-term predominant downtrend visible on the daily and the weekly charts. More specifically, this Breakout continues the medium-term downtrend which started in the end of 2011, when the pair repeatedly failed to break up above the strong resistance area lying at the intersection of the round price level 1.3100 and the 50% Fibonacci Retracement of the previous sharp weekly downward price thrust from the middle of 2010 (as is shown on the second chart below). The pair is expected to fall further in the direction of the Forecast Price 1.2540.
The following weekly USD/SGD chart shows the longer-term picture of this currency pair’s movement: