USDSGD Entered its 6 year Resistance Zone.

The USDSGD pair has entered a Resistance Zone where it has made long-term tops and got rejected since January 2016. Even if the long-term pattern is a Channel Up, technically there isn’t much room for further growth before a correction near the 0.786 Fibonacci retracement level at least.

It is interesting to see also that all rejections had the same aggressive sell-off behind them, reaching the middle of the Channel (0.5 Fib) in a matter of 2-3 months. Also check the 1W RSI. Strong rejections took place once it broke above the 70.000 overbought barrier. Right now we are above it.

Tradingview link:

https://www.tradingview.com/chart/USDSGD/CMxbmUq4-USDSGD-Entered-its-6-year-Resistance-Zone