Singapore Dollar: Downside bias capped with 1.2705 against US Dollar – UOB
United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann note that USD/SGD has rebounded strongly, with short-term momentum pointing higher but key resistance at 1.2705 expected to limit gains.
United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann have observed that the USD/SGD exchange rate has made a strong rebound, with short-term momentum showing signs of strengthening. However, they believe there is a key resistance level at 1.2705, which is expected to cap further gains. In the short term, they still see an upside bias for the SGD over the next one to three weeks, as long as the pair remains above the 1.2640 level.
The Singapore Dollar's Nominal Effective Exchange Rate (NEER) remains above its midpoint. Yesterday, the analysts had previously predicted that USD would range-trade between 1.2630 and 1.2655, not anticipating a sharp surge to 1.2686. They noted the presence of another resistance level at 1.2695, with support levels at 1.2670 and 1.2660.
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