Singapore Dollar: Range trading persists against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note that USD/SGD remains supported within the Monetary Authority of Singapore’s policy band, with SGD NEER likely between 1.50% and 1.80% above midpoint, implying a 1.279–1.283 range. Short-term price action shows limited upward momentum, with resistance near 1.2835 and revised strong support at 1.2775.
United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann observe that the USD/SGD exchange rate remains constrained within the Monetary Authority of Singapore's policy band. The Singapore Dollar Exchange Rate Rate (NEER) is anticipated to be between 1.50% and 1.80% above the midpoint, creating a possible range of 1.279–1.283. Short-term price movements demonstrate limited upward momentum, with resistance near 1.2835 and a strong support level at 1.2775.
Over the past two days, the USD increased to 1.2810 and subsequently closed 0.10% higher at 1.2797. Yesterday, it was mentioned that the uptrend was insufficient to indicate a sustained rise. Nevertheless, there was a belief that the USD could surpass 1.2810. It was also noted that the major resistance at 1.2835 would not be reached. The USD indeed rose to 1.2827 but then eased to close 0.10% higher at 1.2810. There has been no further upward momentum thus far.
Looking ahead over the next one to three weeks, it is expected that the USD will trade within a range, most likely between 1.2785 and 1.2820.
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