Chart USD/SGD Update: Extending consolidation above critical support
Still little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | ||||
|---|---|---|---|---|---|---|---|
| R4 | 1.2800 | * | congestion | S1 | 1.2600 | * | congestion |
| R3 | 1.2768 | ** | 6 Feb (w) high | S2 | 1.2586 | ** | 28 Jan YTD low |
| R2 | 1.2700 | ** | break level | S3 | 1.2550 | * | congestion |
| R1 | 1.2650 | * | congestion | S4 | 1.2435 | * | August 2014 low |
Asterisk denotes strength of level
17:20 GMT - Still little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above critical support at the 1.2586 current year low of 28 January and congestion around 1.2600. Daily readings are mixed/negative and broader weekly charts are also under pressure, pointing to a deterioration in sentiment and room for further losses in the coming sessions. A close beneath here will add weight to sentiment and extend March 2020 losses towards historic (2014) congestion around 1.2550. Meanwhile, resistance remains at congestion around 1.2650. A close above here would help to stabilise price action and give way to consolidation beneath 1.2700.