Chart USD/SGD Update: Gains to remain limited
Cautious trade around congestion support at 1.3100 is giving way to a test higher
| 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
17:05 BST - Cautious trade around congestion support at 1.3100 is giving way to a test higher, as intraday studies turn up, with prices currently pressuring 1.3150. Oversold daily stochastics are unwinding and the daily Tension Indicator is also turning higher, suggesting room for continuation towards congestion resistance at 1.3200. But negative weekly charts are expected to limit any further break in renewed selling interest towards 1.3280/00. Following corrective trade, fresh losses are looked for. However, a close below the 1.3015 Fibonacci retracement and 1.3000 is needed to turn sentiment negative and extend January lows initially to 1.2950.