Autochartist today identified the Clear Triangle chart pattern on the daily USD/SGD charts. Autochartist rates the overall Quality of this chart pattern at the 5 bar level as a result of the slow Initial Trend (3 bars), average Uniformity (5 bars) and significant Clarity (7 bars).
Both of the connecting points of the lower support trendline of this chart pattern (points B and C) formed when the pair reversed up from the support zone close to the strong support level 1.2170 (which has reversed the pair up a few times from September, as can be seen from the second chart below). USD/SGD is expected to rise further toward the upper resistance trend line of this Triangle.
The following daily USD/SGD chart shows the previous price action close to the strong support 1.2170: