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USDSGD Breaks Above Channel & Finds New Resistance

Published 10/26/2011, 03:20 AM
Updated 02/13/2020, 10:25 AM
USD/SGD
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The USDSGD channel we have been examining for the last few weeks has finally failed us as the pair broke through the topside resistance on the USD move earlier in NY. The pair has however now found some technical resistance at the 4-200hr moving average where it quickly traded lower after contact. The moving averages are about to turn negative with the 4-100hr quickly dropping toward the 4-200hr. A re-entry into the channel on a risk bid should be met with support at ~ 1.2570 area.

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