Singapore Dollar: Gains risk watched below 1.2790 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang notes USD/SGD’s recent downside bias has faded after a dip to 1.2790 and recovery to 1.2827.
The United Overseas Bank (UOB) has noted that the recent downside bias for the USD/SGD pair has faded following a dip to 1.2790 and a recovery to 1.2827. In the short term, the pair is expected to trade within a range of 1.2805 to 1.2845. For a longer perspective of 1-3 weeks, further declines require a break below 1.2790, with 1.2765 being the next level to watch.
Despite the initial bias towards the downside, there is no significant increase in downward momentum, suggesting that a decline may not break the crucial support at 1.2790. Conversely, a breach of 1.2845 would indicate that the downside bias has diminished. The update from yesterday was accurate, as the USD dipped to 1.2790 before recovering to close at 1.2827, marking a gain of 0.05%.
Currently, the expectation is for the USD to trade within a range, most likely between 1.2805 and 1.2845.
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