USDSGD Channel Up trading strategy

٣ أكتوبر ٢٠٢٣

We haven't looked into the USDSGD pair in a long time (May 16), with the last idea giving a great bullish break-out signal:

The pair has since entered a Channel Up pattern, with the latest bullish leg since July 14, just reaching the top (Higher Lows trend-line) of the pattern. This is also the 0.5 Fibonacci retracement level from the 2022 High. As long as the price trades under it, we will be short, targeting the 1D MA50 (blue trend-line) at 1.36250. If the 0.5 Fib breaks, we will close the sell and go long instead, targeting 1.38600 (Resistance 1).

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