Published: 2024-12-18T02:31:41.000Z
Chart USD/SGD Update: Pressuring 1.3500/12 highs, scope for break
Technical Analyst
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Pressure remains on the upside and break of the 1.3500/12 highs will further extend gains from the September low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3670 | ** | 16 Apr YTD high | S1 | 1.3450 | * | congestion | |
| R3 | 1.3600 | * | Jun high | S2 | 1.3400 | * | congestion | |
| R2 | 1.3550 | * | congestion | S3 | 1.3362 | ** | 6 Nov high | |
| R1 | 1.3500/12 | ** | congestion, Nov high | S4 | 1.3300 | * | congestion |
Asterisk denotes strength of level
02:25 GMT - Pressure remains on the upside and break of the 1.3500/12 highs will further extend gains from the September low. Higher will see room to the 1.3550 congestion then the 1.3600 level. However, the overbought daily studies caution corrective pullback with support raised to the 1.3450 congestion. This should underpin and sustain gains from the 1.3400/1.3362 area. Would take break of the latter to turn focus lower and open up deeper pullback to the 1.3300 congestion then the 1.3264/1.3235, support and 38.2% Fibonacci retracement.