Chart USD/SGD Update: Extending gains, focus on 1.3100/15 resistance
Prices still extending bounce from the 1.2953 low with positive daily studies suggesting room for further gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3200 | * | congestion | S1 | 1.3000 | * | figure, congestion | |
| R3 | 1.3200 | * | congestion | S2 | 1.2953 | ** | 6 Sep YTD low | |
| R2 | 1.3158 | ** | Dec low | S3 | 1.2900 | * | figure | |
| R1 | 1.3100/15 | * | congestion, 22 Aug high | S4 | 1.2860 | ** | Jul, Aug 2013 highs |
Asterisk denotes strength of level
02:25 GMT - Prices still extending bounce from the 1.2953 low with positive daily studies suggesting room for further gains. Higher will see room to the 1.3100 level and 1.3115 resistance. Break here will see stronger recovery to retrace losses from the June high at the 1.3600 level to the strong resistance at 1.3150/1.3158 congestion and the December low. The latter expected to cap and lower high sought to further pressure the downside later to retest 1.3000 level. Break here will expose the 1.2953 low to retest and lower will see room to the 1.2900 level and support at 1.2860, July/August 2013 highs.