Chart USD/SGD Update: Higher in consolidation
Consolidating test of the 1.2825/35 congestion area with mixed daily studies suggesting ranging action likely to extend
| Level | Comment | Level | Comment | ||||
|---|---|---|---|---|---|---|---|
| R4 | 1.2900 | * | congestion | S1 | 1.2762/50 | ** | 22 Oct low, congestion |
| R3 | 1.2875 | ** | 14 Jul low | S2 | 1.2700 | * | congestion, 2025 yr low |
| R2 | 1.2850 | * | congestion | S3 | 1.2680 | * | Aug low |
| R1 | 1.2825/35 | * | congestion, 28 Oct high | S4 | 1.2650 | * | congestion |
Asterisk denotes strength of level
02:20 GMT - Consolidating test of the 1.2825/35 congestion area with mixed daily studies suggesting ranging action likely to extend. Break here will expose strong resistance at the 1.2850/75 area to retest. However, the latter is expected to cap and give way to renewed selling pressure later. Meanwhile, support is raised to the 1.2800 congestion ahead of the 1.2762/50 support. Would take break of the latter to confirm a top patern in place at the 1.2872 October high and open up room for deeper pullback to retrace strong gains from the 1.2630 Spetember low. Lower will see room to the 1.2700/1.2680 area.