27th Jun - USD/SGD Currently Capped by 76.4% Level
27 June 2012
MONTHLY CHART:
Recovery from last year’s low has been modest so far. The first interesting resistances have yet to be tested, these being the 1.3438 Jul-08 low and 1.3535 23.6% retracement of the downmove from Dec-01.
DAILY CHART:
The rebound from a late Apr low stopped just short of the 76.4% level.
Ideally at this stage pullbacks shouldn’t be deep. Current support comes from the old channel top.
A break of the key 76.4% resistance would first open up a return to the 1.3200 Oct-11 high, ahead of the resistance on the Monthly chart above.
Next story:
28th June - Decision time for Gold 
Previous story:
27th Jun - Crude Oil Breaks Long Term 38.2% Retracement