USD/SGD is moving down inside the Down Channel chart pattern identified by Autochartist on the daily charts. The Quality of this chart pattern is measured at the 7 bar level which is the result of the above average Uniformity (6 bars) and strong Initial Trend and Clarity of this Down Channel (both rated at the 8 bar level). Significant Initial Trend value reflects the sharpness of the preceding down impulse which followed the break of the support line of the ABC correction to the prevailing down-trend. The price has recently reversed up from the combined support area made out of the lower support line of this Down Channel and the round price level 1.2700. This level should be broken for the downtrend to continue.
As you can see form the PowerStats chart below, the top of the daily Expected Price Range (EPR) for tomorrow (1.2799) stands below the projected value of the upper resistance line of this chart pattern, while the bottom of the EPR (1.2678) is below the support level 1.2700, mentioned above. This increases the chances that the down-trend will continue in the near time.
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