The Greenback bounced of a large scale 50.00% Fibonacci retracement level against the Singapore Dollar at the start of April. As a result of the event a descending channel down pattern has formed.
The channel has already managed to pass two strong support clusters near the 1.3150 and the 1.3125 levels. Moreover, it doesn’t seem to face any additional support below it.
The only exception to that is the weekly S1 1.3082, which stands in the way of the Singapore Dollar’s surge.
Meanwhile, note that below the weekly S1 the historical low level of 1.3060 might provide support
