Autochartist - Daily Forex Update: USD/SGD

USD/SGD has just completed the Pennant chart pattern identified by Autochartist on the daily charts. Autochartist rates the Quality of this chart pattern at the above-average 6 bar level which is the consequence of the maximum Initial Trend (measured at the10 bar level) and significant Uniformity and Clarity of this Pennant (both rated at the 8 bar level). This chart pattern continues the prevailing long-term downtrend that can be seen on the daily and the weekly charts. The first and the second connecting points for the upper resistance of this chart pattern formed close to the 38,2% Fibonacci Retracement of the preceding sharp down impulse. The sharpness of this impulse is reflected by the highest Initial Trend reading. The price has just broken the lower support line of this pattern and is expected to continue falling toward the Forecast Area located between price levels 1.2600 and 1.2674.

Autochartist has also identified the long-term Down Channel chart pattern on the daily charts. As can be seen form this chart below the price has formerly reversed from the strong support at 1.2700. This level stands 26 pips above the upper boundary of the Forecast Zone mentioned above and should be broken for the down-trend to continue.

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