Chart USD/SGD Update: Extending gains
Bounce from above support at the 1.2800 congestion has seen gains to retest 1.2930 current year high at 31 March
| Level | Comment | Level | Comment | ||||
|---|---|---|---|---|---|---|---|
| R4 | 1.3000 | * | figure, congestion | S1 | 1.2900 | * | congestion |
| R3 | 1.2985 | ** | Dec high, channel | S2 | 1.2850/36 | ** | congestion, May high |
| R2 | 1.2950 | * | congestion | S3 | 1.2800 | * | congestion |
| R1 | 1.2930 | ** | 31 Mar YTD high | S4 | 1.2750 | ** | 29 May low |
Asterisk denotes strength of level
02:40 GMT - Bounce from above support at the 1.2800 congestion has seen gains to retest 1.2930 current year high at 31 March. Reaction here see prices unwinding overbought intraday studies but further gains cannot be ruled out. Higher will see room to further extend corrective gains from the 1.2586 January current year low and see room for extension to 1.2950 congestion and the 1.2985 December high and channel resistance from the January low. Meanwhile, support is raised to the 1.2900 level which extend to 1.2850/36 area. Would take break here to fade the upside pressure and open up room for deeper pullback.