Singapore Dollar: Upside bias capped against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang notes USD/SGD slipped to 1.2809 but closed near 1.2821, with intraday bias still pointing lower.
Singapore's currency, the Singapore Dollar (SGD), showed a slight decline against the US Dollar (USD), but remained relatively stable in the short term. UOB analyst Quek Ser Leang highlighted that the USD/SGD pair slipped to 1.2809 in the previous trading session but closed near 1.2821, indicating a low bias in the USD. However, he noted that the pair could rally if it holds above the significant support level of 1.2790.
If the pair breaks below this level, further downside risks may materialize. Over the next 1-3 weeks, the USD would need to break below 1.2790 to sustain a further decline. Conversely, a break above 1.2845 would suggest a shift in momentum and a potential upside bias. Looking ahead, traders will monitor the pair's interaction with key support and resistance levels, such as 1.2765 and 1.2875, respectively.
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