USDSGD – Singapore Binary Options analysis – January 11 2017

Like most of the other currencies, the Singapore Dollar also benefited from the USD pullback in the previous few days and the USDSGD pair retraced from the highs at 1.45. This marked the end of the last swing up in the pair and most probably the start of a larger retracement.

Judging by the strength of the uptrend this retracement should not be very deep. It has already reached the 23.6% Fib retracement. The strongest Fibonacci support is at 1.4070 which is a Fibonacci confluence zone of the 38.2% and the 61.8% levels measured from the two segments of the last upswing. In addition, this Fib support zone is aided by a previous swing high (left side of the chart), making the 1.4070 – 1.4100 area a very good place to establish long positions on bullish signals.

USDSGD - Weekly analysis for Singapore binary options brokers - January 11 2016

USDSGD – Daily chart – Price broke down the upward channel marking the end of the last upswing

Fundamentally, the USDSGD exchange rate will be largely determined by the demand for the greenback. No important news releases are scheduled from Singapore binary options brokers.

And from the US, aside from aside from the speeches of Fed Presidents Evans and Harker, most notably Fed chair Janet Yellen will give a speech late Thursday at the Town Hall meeting in Washington DC. In addition on Friday, the PPI, retail sales, and consumer sentiment reports will be released.

Normally a more bullish than expected Fed will be positive for the Dollar while a cautious tone of the Fed Presidents could hurt the USD.

On the bigger picture, the direction of the US Dollar will depend on the implementation of the promised Trump policies. If he starts to implement what he promised during his campaign and that indeed benefits the US economy then we will see a continuation of the uptrend in the US Dollar.

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James Martin

I'm based in London ( England, UK )
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.

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