Chart USD/SGD Update: Extending corrective bounce
Extending bounce from the 1.2630 low of last week and break above the 1.2680/1.2700 area see room to resistance at 1.2750 congestion
| Level | Comment | Level | Comment | ||||
|---|---|---|---|---|---|---|---|
| R4 | 1.2841 | * | Aug high | S1 | 1.2680 | * | Aug low |
| R3 | 1.2800/10 | * | congestion, 50% | S2 | 1.2650 | * | May low |
| R2 | 1.2767 | ** | 7 Aug low, 38.2% | S3 | 1.2630 | ** | 9 Sep low |
| R1 | 1.2750 | * | congestion | S4 | 1.2615/05 | * | 26, 12 Feb lows |
Asterisk denotes strength of level
02:20 GMT - Extending bounce from the 1.2630 low of last week and break above the 1.2680/1.2700 area see room to resistance at 1.2750 congestion. Both intraday and daily studies are bearish and weekly studies oversold highlighting scope for stronger gains to retrace losses from the June high. Above 1.2750 see strong resistance at 1.2767, 7 August low and 38.2% Fibonacci level. Corrective gains are expected to give way to renewed selling pressure later. Meanwhile, support is raised to the 1.2700/1.2680 area. Below here will see room for retest of the 1.2630 low then the 1.2605 February low and 1.2586 January current year low.