This Week's Exotic: USD/SGD
Singapore Dollar strength broke 2008 support level zone 1.3450 at the beginning of this month, and apparently isn't yet close to give back its advance to these all-time highs.
If we apply a pitchfork to the monthly chart, along with a fibonacci retracement of the last swing high, we can see that the median pitchfork roughly coincides with the 127.2 / 138.2 extensions at 1.2800 which is also a round number, highly probable as a longer term target.
A retest of the recent break could also occur before the rush down continuation. However, I personally think that, by now, asian fundamentals exert too heavy a pressure on the greenback which might not surpass the upper round number at 1.3400; this would represent a 38.2% retracement on this month's downtrend, on 4 hour charts.
If we apply a pitchfork to the monthly chart, along with a fibonacci retracement of the last swing high, we can see that the median pitchfork roughly coincides with the 127.2 / 138.2 extensions at 1.2800 which is also a round number, highly probable as a longer term target.
A retest of the recent break could also occur before the rush down continuation. However, I personally think that, by now, asian fundamentals exert too heavy a pressure on the greenback which might not surpass the upper round number at 1.3400; this would represent a 38.2% retracement on this month's downtrend, on 4 hour charts.
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