The USD/SGD currency pair has been trading within a descending channel since the end of June.
From a theoretical point of view, it is likely that some downside potential could prevail in the market, and the exchange rate could trade downwards within the given channel in the medium term. In this case the rate could gain support from the Fibo 50.00% at 1.3803.
Meanwhile, it is unlikely that bulls could prevail in the market, and the currency pair could exceed the Fibo 61.80% located at the 1.3977 mark.
