It has been a couple of weeks since we saw USD/SGD break below the S/H/S top neckline near 1.3256. With this break, the S/H/S top was activated for a decline towards at least 1.2049 in the weeks/months ahead. Ultimately, we will be looking for a break below the 2011 low at 1.2000 for a decline closer to par against the USD in the coming years.
Short-term we could still see some consolidation within the 1.3100 - 1.3250 area before the next down move towards 1.2049 and ultimately lower.
Relevance up to 07:00 2023-01-31 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
