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USD/SGD on track to reach 1.3151/1.3204 - Commerzbank

FXStreet (Bali) - Axel Rudolph, Technical Analyst at Commerzbank, notes that USD/SGD is on track to reach 1.3151/1.3204 Oct and Nove 2011 highs but only after a pause.

Key Quotes

USD/SGD managed to break through the 1.2972/78 resistance area (May 2012 high and 78.6% Fibonacci retracement of the 2011-12 decline) and so far rose to 1.3100 before consolidating.

The 1.3151/1.3204 October and November 2011 peaks remain on the cards medium term and will remain this way while no unexpected drop and daily close below the 1.2868 November 10 low is made. This support level may well be tested, though, since a consolidation phase should now be seen.

Further support lurks around the 1.2826 October high. While trading above there, overall upside pressure should be maintained.

Minor resistance is seen at the 1.3050 November 24 high with further resistance coming in around the November peak at 1.3100

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