Singapore Dollar: Upside risk stays in focus against US Dollar – UOB
United Overseas Bank’s Quek Ser Leang and Lee Sue Ann note that USD/SGD extended its overnight slide as the US Dollar (USD) sell-off pushed the pair back toward the 1.27 area.
UOB analysts Quek Ser Leang and Lee Sue Ann highlight the potential for further weakness in the USD/SGD exchange rate, with support at 1.2695 and 1.2670, and resistance at 1.2740 and 1.2770. The brief dip in USD overnight pushed the pair to near 1.2708 before ending the session 0.59% lower at 1.2709. As long as USD remains below 1.2740, it could continue its decline toward 1.2695. The next major support level, 1.2670, is expected to emerge soon. The upside potential is marked by a strong resistance level at 1.2770.
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