Chart USD/SGD Update: Consolidating - background studies improving
Still little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | ||||
|---|---|---|---|---|---|---|---|
| R4 | 1.2900/10 | ** | congestion; 76.4% ret | S1 | 1.2750 | * | break level |
| R3 | 1.2875 | ** | 14 Jul low | S2 | 1.2730 | * | congestion |
| R2 | 1.2850/55 | * | congestion; 61.8% ret | S3 | 1.2700 | * | congestion, Jul 2025 yr low |
| R1 | 1.2800/10 | ** | congestion, 50% ret | S4 | 1.2680 | * | Aug low |
Asterisk denotes strength of level
15:55 BST - Still little change, as mixed intraday studies keep near-term sentiment cautious and extend the pullback from strong resistance at congestion around 1.2800 and the 1.2810 Fibonacci retracement. Daily stochastics remain under pressure and the daily Tension Indicator is turning down, suggesting room for a test of support at 1.2750. But improving weekly charts should limit any deeper losses in renewed buying interest towards congestion around 1.2730.
Following cautious/corrective trade, fresh gains are looked for. However, a close above 1.2800/10 is needed to turn sentiment positive and extend September gains towards strong resistance at 1.2850/55.