Chart USD/SGD Update: Extending gains
Consolidation at the 1.3600/20 area has given way to break to further extend strong rally from the 1.3438 low of last week
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3800 | * | 28 Nov 2022 high | S1 | 1.3600 | * | congestion | |
R3 | 1.3750/65 | ** | Oct 2023 year high | S2 | 1.3550 | * | congestion | |
R2 | 1.3700 | * | congestion | S3 | 1.3525 | ** | Feb high | |
R1 | 1.3665 | * | 8 Sep high | S4 | 1.3500 | * | congestion |
Asterisk denotes strength of level
02:15 GMT - Consolidation at the 1.3600/20 area has given way to break to further extend strong rally from the 1.3438 low of last week to reach 1.3665 resistance. Stretched intraday and daily studies caution corrective pullback though this likely to remains limited with support now raised to the 1.3600 level. Only break here will see room for deeper pullback to the strong support at the 1.3550/25, previous highs. Meanwhile, break above the 1.3665 resistance will open up room to the 1.3700 level. Beyond this, but not seen for now, will shift focus to the 1.3750/1.3765, October 2023 year highs.