FX.co ★ Elliott wave analysis of USD/SGD for January 12, 2023

USD/SGD is displaying a nice-looking S/H/S top that will be activated upon a break below support at 1.3278 and call for a decline to at least 1.2095, but likely will set the stage for a continuation to below the 2011 low near 1.2000.

Short-term we see resistance near 1.3440 and important resistance at 1.3617 that is expected to cap any correction for the break through key support at 1.3278 for the expected decline towards 1.2095.