Singapore Dollar: Break of 1.2790 may unlock further gains – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note USD/SGD was broadly flat on Tuesday, with SGD NEER trading 1.5–2.0% above its mid-point, implying a 1.2773–1.2837 range. Intraday, they expect consolidation between 1.2805 and 1.2840.
UOB's analysts Quek Ser Leang and Lee Sue Ann reported that USD/SGD remained relatively flat on Tuesday, with SGD NEER trading 1.5–2.0% above its midpoint, suggesting a range of 1.2773–1.2837. They anticipate a consolidation phase between 1.2805 and 1.2840 during the day. In the coming weeks, downside risk remains, but it will only intensify below 1.2790; if this support breaks, 1.2765 would become the next level.
Throughout the day, USD traded within a narrower range than anticipated (1.2815/1.2840), ultimately closing at 1.2819 (-0.06%). Momentum indicators remain mostly flat, and the analysts still expect USD to trade within a range today, likely between 1.2805 and 1.2840.
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