The rise initiated in the dollar, triggered by the higher-than-expected U.S. CPI data, also propelled an upward movement in USD/SGD.
Technically, the price has broken the long-term downward channel upwards and is currently finding support at significant Fibonacci levels in both the downward and upward directions.
Technically, the price has broken the long-term downward channel upwards and is currently finding support at significant Fibonacci levels in both the downward and upward directions.
Note
The price reached our first main target today following the U.S. PPI data release. Currently, we see both USD/SGD and DXY facing resistance at their first main targets and showing extremities in the lower time frame RSI indicators.
We recommend closing a portion of your trades and taking some of your profits. Before entering a new trade, we advise monitoring how the price reacts to the 38.2% resistance and the extremities in the RSI.
In the event of a corrective downturn, our main target is the 1.3330 levels. A pullback to these levels could offer a good opportunity for buying again.
If the price breaks the 38.2% resistance, we can follow the trend movement with SL levels set below 1.3330.
Before making any trades, it is a safe option to observe for a while whether the price will undergo a correction.
Trade closed: target reached
The price has reached our first target.
We anticipate the continuation of the uptrend.
Note
The price reached the first main target and resistance level at 61.8%. We may see a profit-taking correction decline before or during the FOMC. We are currently monitoring the price movement to open another buy trade.
Note
During the FOMC meeting, the anticipated corrective decline began. There are three different support levels where the price may find support. You can try a buy order from the level where the price shows an upward movement signal on lower time frame charts by keeping your stop-loss level wide.
Note
Before the unemployment and inflation data releases scheduled for Thursday and Friday, the market may be in a waiting stance. In this period, we are likely to witness wide-range horizontal movement, and after the Core PCE data is released on Friday, the primary movement will resume swiftly. Until Thursday, we may see declines and horizontal movements in the price.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.