{"id":5709,"date":"2024-09-06T09:59:21","date_gmt":"2024-09-06T09:59:21","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&p=5709"},"modified":"2025-05-14T09:13:49","modified_gmt":"2025-05-14T09:13:49","slug":"usdsgd-sep-2024","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/chart-of-the-day\/usdsgd-sep-2024\/","title":{"rendered":"Break or Bounce: USDSGD Dancing at Weekly Range Lows"},"content":{"rendered":"\n
\"\"
Source: Freepik<\/figcaption><\/figure>\n\n\n\n

USD\/SGD has been in a tight range from 2023 to 2024, consolidating between $1.32 to $1.36 SGD. However, the price of USD\/SGD has seen a consistent decline for the past 9 weeks \u2013 eventually leading the asset to a key level at $1.30.<\/p>\n\n\n\n

This zone could potentially provide a bounce, but in the event of a breakdown, we may see prices as low as $1.20 on USD\/SGD.<\/p>\n\n\n\n

Let\u2019s break it down.<\/p>\n\n\n\n

Technical Analysis of USDSGD Weekly Chart (September 6th, 2024)<\/h2>\n\n\n\n

The price currently sits at $1.29800, just below the key 618 Fibonacci retracement support level at $1.30080. A weekly close below this level could be bearish, however, since the candle close is barely visible, this could merely be a fakeout.<\/p>\n\n\n\n

This fib level aligns with a key support zone dating back to 2011, which also acted as support in 2018.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Traders might expect a potential bounce from this price zone, targeting the $1.35278 level, which serves as key resistance and is near a point of control traced from September 2011.<\/p>\n\n\n\n

Zooming in further, we also see the potential for USD\/SGD to form a small, albeit existent bullish RSI divergence<\/a>, especially if the week does close bearish. Additionally, the weekly RSI is oversold, lending more chops to the idea of an imminent reversal.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

In the event of a further drop, the price could find some refuge at approximately $1.28152, an area that previously acted as resistance from 2013 – 2014. A further decline than that could take USD\/SGD to the 78.6% Fibonacci retracement at $1.25614, or even lower towards approximately $1.20.<\/p>\n\n\n\n

Support Levels to Watch on USDSGD<\/strong>
\u2022 Current Support Zone: $1.30 \u2013 Aligns with 0.618 Fib Retracement
\u2022 Previous Highs (Now flipped support): Approx $1.28152
\u2022 0.768 Fib Retracement: Approx $1.25614
\u2022 All-time lows: Approx $1.20<\/td><\/tr>
Resistance Levels to Watch on USDSGD<\/strong>
\u2022 Minor weekly support\/resistance: Approx $1.31979
\u2022 Point of Control (decade old): Approx $1.35850
\u2022 2023 Highs: $1.37640<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

You may also be interested in:<\/strong><\/p>\n\n\n\n

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Flash Crash Recovery: Will the S&P 500 Bounce at Market Gap?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

After 9 weeks of a price decline, USD\/SGD has finally run into a potential support zone: a decade old weekly range low. Will it break, or provide a bounce?<\/p>\n","protected":false},"author":159,"featured_media":5710,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[18],"class_list":["post-5709","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-chart-of-the-day"],"acf":[],"yoast_head":"\nBreak or Bounce: USDSGD Dancing at Weekly Range Lows - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"After 9 weeks of a price decline, USDSGD has finally run into a potential support zone: a weekly range low. 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