USD roaring back ....You see, there are few hundred pairs of forex currencies in the market , excluding the ETFs and other instruments.
Like I said before, choose a few to trade and get really good at it. Study the chart so well that you can memorise the top, bottom, support , resistance level ,etc by hard. This experience , nobody can takes away from you. When you mixed one too many, you might get confused (at least for me) and get drowned in the analysis, jumping from one indicator to another , from one time frame to another just to convince yourself to see what you want to see AND not what the chart is really telling you. This is an occupational hazard, imo .
I visit China once a year and converting SGD to RMB is something that I have to do. While now , we do not carry too much hard cash like before, knowing the rates of exchange still helps in knowing when to exchange more or less.
So, if USDCNY goes up, SGDCNY also follows. You can say they are positively related.
And also , we buy quite frequent from Taobao (online shopping of Alibaba) and need to pay shipping fees and all. So, the rates of exchange helps us to consolidate our orders rather than buying piece meal.
Every cents count , I guess especially now in this Covid-19 season, haha.
