Singapore Dollar: Decline risks assessed against US Dollar – OCBC
OCBC analysts Sim Moh Siong and Christopher Wong discuss USD/SGD after its post-payroll decline, noting the pair last traded near 1.28 with bearish momentum starting to wane.
OCBC analysts Sim Moh Siong and Christopher Wong have weighed in on the recent decline of the USD/SGD pair, now trading near 1.28. They note that bearish momentum appears to be easing, with the currency pair showing potential signs of a rebound. Key resistance levels have been identified around 1.2830/40 and 1.2870/90, while support is found near 1.2770 and 1.2740.
Analysts stress that the near-term direction of USD/SGD will depend on broader USD moves and USD/CNY, as well as upcoming US data releases. The pair consolidated overnight following its decline post-payroll on Friday, with RSI indicating a possible turn higher from oversold conditions. However, they remind traders that rebound risks are still present.
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