Wednesday, 8 November 2017

Chart for the Week (USD/SGD)


Published on 9/11/2017 by www.smartinvestorinc.com


Source: IT-Finance as of 9/11/2017

The USD/SGD Pair could be testing their downtrend line established since the start of 2017. A breakout point will be around 1.365 and we will need a close from the daily chart to affirm a breakout. A potential target after the breakout will be the 1.376 level.

At the moment it is consolidating between 1.36 to 1.365 region. A daily close below 1.358 level would derail this potential bullish setup.

From the fundamental angle, US is likely to carry on their rate hike policy thou in a measured manner. Dec 12-and 13 will be the next Federal Reserve Meeting whereby a rate hike will be expected.

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