Published: 2025-02-18T02:22:23.000Z
Chart USD/SGD Update: Bounce at the 1.3385, 38.2% Fibonacci level
Technical Analyst
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Turning higher from test of the 1.3385, 38.2% Fibonacci level
| Level | Comment | Level | Comment | ||||
|---|---|---|---|---|---|---|---|
| R4 | 1.3635 | * | 18 Dec high | S1 | 1.3385 | * | 38.2% Sep/Jan rally |
| R3 | 1.3585 | ** | 10 Feb high | S2 | 1.3357 | ** | Dec low, 200-day MA |
| R2 | 1.3500 | * | congestion | S3 | 1.3300 | * | congestion |
| R1 | 1.3460 | * | 5 Feb low | S4 | 1.3270 | * | 50% Sep/Jan rally |
Asterisk denotes strength of level
02:15 GMT - Turning higher from test of the 1.3385, 38.2% Fibonacci level, as prices unwind oversold intraday and daily studies. Bounce see resistance at the 1.3420/60 recent lows which is expected to cap. Regaining this area, if seen, will open up room for stronger recovery within the bear channel from the January high and see room to the 1.3500 congestion then the strong resistance at the 1.3585 lower high. Corrective bounce expected to give way to fresh selling pressure later and break of 1.3385 and 1.3357 support will open up deeper pullback to the 1.3300/1.3270, congestion and 50% Fibonacci level.