The price line on USDSGD price chart, has been going through a bullish channel since early December 2022. Currently, the price line could break above the midline of its ascending channel, on 1.42987. The blue area is reflecting the ascending channel; this channel is considered important for traders as it has recorded a lot of reaction to its bottom, top and specifically top line of the channel. The volume of the trades has increased as the price line moved within the bullish channel, which can be a signal of supporting the trend by traders. It can be expected that the ascending wave would go on, to the next resistance levels above it, which could be considered to be placed at the Fibonacci retracement levels above the price line.

• There is resistance on 1.44985 followed by resistances at 1.45700 and 1.46462
• There is support at 1.42030 Below, there is 1.40736 and 1.39410

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.

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