Published: 25/04/25 at 04:20 UTC
Chart USD/SGD Update: Cautious trade
Senior Technical Strategist
1
The pullback towards congestion support at 1.3100 is giving way to a minor bounce
| Level | Comment | Level | Comment | ||||
|---|---|---|---|---|---|---|---|
| R4 | 1.3300 | * | congestion | S1 | 1.3100 | * | congestion |
| R3 | 1.3280 | * | 7 Mar (m) low | S2 | 1.3015 | ** | 76.4% ret of 2024-2025 rally |
| R2 | 1.3250 | * | congestion | S3 | 1.3000 | ** | Aug low, congestion |
| R1 | 1.3200 | * | congestion | S4 | 1.2950 | * | congestion |
Asterisk denotes strength of level
17:35 BST - The pullback towards congestion support at 1.3100 is giving way to a minor bounce, as intraday studies turn higher, with prices currently trading around 1.3145. Rising daily readings suggesting potential for a test of congestion resistance around 1.3200. But negative weekly charts should limit any break in renewed selling interest beneath further congestion around 1.3250. Meanwhile, support remains at congestion around 1.3100. However, a close below stronger support at 1.3000/15 is needed to turn sentiment negative and confirm continuation of January losses, initially to 1.2950.