6 Nov 2013
USD/SGD meets 1.2455 session highs
FXstreet.com (Chicago) - USD/SGD continues edging higher consolidating above the 1.2450 zone after reaching 1.2455, almost three-week highs, leaving a strong resistance behind and not targeting higher zones.
USD/SGD Technical Levels
Price action reveals the pair prints higher highs and lows breaking the 1.2440 resistance, now support and reaching almost 3-week highs within minutes. Hourly and 4HR charts evidence a strong and intact upward trendline although a long-term bearish channel is still in place. With primary, secondary and short-term trends pointing up, a potential reversal is in formation. Offered at 1.2450, the pair navigates between the supports aligned at 1.2440 (November 1st highs), 1.24 (October 22nd highs) ahead of 1.2349 (October 29th lows) and the resistances set at 1.2462 (October 16th highs), 1.2493 (October 5th highs) followed by 1.2539 (October 9th highs).
USD/SGD Technical Levels
Price action reveals the pair prints higher highs and lows breaking the 1.2440 resistance, now support and reaching almost 3-week highs within minutes. Hourly and 4HR charts evidence a strong and intact upward trendline although a long-term bearish channel is still in place. With primary, secondary and short-term trends pointing up, a potential reversal is in formation. Offered at 1.2450, the pair navigates between the supports aligned at 1.2440 (November 1st highs), 1.24 (October 22nd highs) ahead of 1.2349 (October 29th lows) and the resistances set at 1.2462 (October 16th highs), 1.2493 (October 5th highs) followed by 1.2539 (October 9th highs).