Singapore Dollar: Downtrend seen limited against US Dollar – UOB
UOB’s Quek Ser Leang notes USD/SGD extended gains toward 1.2725 as the US Dollar strengthened broadly and Singapore Dollar (SGD) Nominal Effective Exchange Rate (NEER) stayed around 1.65% above its mid-point.
UOB's Quek Ser Leang observed USD/SGD extending gains to 1.2725, as the US Dollar strengthened and the Singapore Dollar's Nominal Effective Exchange Rate (NEER) remained 1.65% above its midpoint. He anticipates strong but overbought short-term momentum, with gains potentially capping near 1.2725 and major resistance at 1.2755. UOB forecasts USD/SGD to stay above 1.2665 during the upcoming weeks, targeting 1.2755.
In the 24-hour view, USD did not reach the anticipated high of 1.2725, instead closing at 1.2706, slightly higher. Although the upward momentum remains solid, overbought conditions indicate today's advance may be limited to a retest of 1.2725. Even if USD manages to break above 1.2725, it is unlikely to challenge the major resistance at 1.2755. Support levels are found at 1.2690 and 1.2680.
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