Autochartist today identified the High Quality Up Channel chart pattern on the 4-hour USD/SGD charts. The overall Quality of this chart pattern is rated at the 9 bar level as a result of the maximum Initial Trend (rated at the 10 bar level) and high Uniformity and Clarity (both rated at the 9 bar level). This Up Channel follows the preceding sharp daily downward price impulse (it strength is reflected by the maximum Initial Trend value) which broke the major support level at 1.2400 at the start of this month (as is shown on the second chart below). The bottom of this Up Channel (point C on the chart below) formed when the pair reversed up from the support trendline of the longer-term downward price channel from the end of 2011. The pair is expected to fall further in the nearest time.
The following weekly USD/SGD chart shows the technical price levels mentioned above: