Chart USD/SGD Update: Consolidating losses - studies under pressure
Anticipated losses have met support just above congestion around 1.2800
| Level | Comment | Level | Comment | ||||
|---|---|---|---|---|---|---|---|
| R4 | 1.3100 | ** | congestion, 38.2% | S1 | 1.2820 | * | 24 Dec (w) low |
| R3 | 1.3085 | * | 12 May high | S2 | 1.2800 | ** | May low, congestion |
| R2 | 1.2980/00 | ** | congestion, Aug high | S3 | 1.2750 | * | congestion |
| R1 | 1.2900/30 | * | congestion | S4 | 1.2712/00 | ** | Sep, Jul YTD lows |
Asterisk denotes strength of level
02:20 GMT - Anticipated losses have met support just above congestion around 1.2800, as oversold daily stochastics flatten, with prices currently balanced around 1.2850. The daily Tension Indicator continues to track lower and broader weekly charts are also under pressure, highlighting room for still further losses in the coming sessions. A close below 1.2800/20 will add weight to sentiment and extend November losses towards critical support at the 1.2700/12 lows from July-September. However, already oversold readings could limit any initial tests in consolidation. Meanwhile, resistance at the 1.2900/30 area is expected to cap any immediate tests higher.