Singapore Dollar: Near-term downside risks against US Dollar – OCBC
OCBC Bank strategists Sim Moh Siong and Christopher Wong note that USD/SGD traded slightly firmer as resilient US data halted US Dollar downside pressure, though the pair remains subdued and rangebound ahead of Chair Warsh’s Jackson Hole speech.
OCBC Bank strategists Sim Moh Siong and Christopher Wong highlight near-term downside risks for the Singapore Dollar against the US Dollar. While USD/SGD showed a slight firming due to resilient US data, the pair remains subdued and rangebound. The upcoming Chair Warsh's speech at Jackson Hole on Friday may provide further catalysts for the market.
The resistance levels are at 1.2740 and 1.2780/90, with support seen at 1.2680 and 1.2650. The RSI indicates signs of recovery from near-oversold conditions, suggesting some upside risks may exist temporarily.
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