Chart USD/SGD Update: Extending corrective bounce
Consolidation at 1.2900 congestion has given way to further gains to extend bounce from above critical support at 1.2790, September 2024 multi-year low
| Level | Comment | Level | Comment | ||||
|---|---|---|---|---|---|---|---|
| R4 | 1.3169 | * | 23 Apr high | S1 | 1.2900 | * | congestion |
| R3 | 1.3086 | ** | 12 May high | S2 | 1.2861 | * | 5 May low |
| R2 | 1.3000/10 | ** | congestion, Apr low | S3 | 1.2790 | ** | Sep 2024 multi-year low |
| R1 | 1.2950 | * | congestion | S4 | 1.2700 | * | congestion from Oct 2014 |
Asterisk denotes strength of level
02:35 GMT - Consolidation at 1.2900 congestion has given way to further gains to extend bounce from above critical support at 1.2790, September 2024 multi-year low. Clearing the 1.2950 congestion will open up room for extension to strong resistance at 1.3000/10, congestion and April low. Higher still, will see room to the 12 May swing high at 1.3086. Corrective gains are expected to give way to renewed selling pressure later with support raised to the 1.2900 congestion and extending to 1.2861, 5 May low. Break of these will return focus to 1.2800/1.2790 lows.