Singapore Dollar: Range-bound upside bias holds against US Dollar – UOB
UOB strategists Quek Ser Leang and Lee Sue Ann note that USD/SGD slipped overnight as Asian currencies stayed resilient and the SGD NEER held well above its mid-point. Their short-term view sees the pair confined to a tight intraday range, while the 1–3 week outlook still favours mild Dollar weakness toward key support levels unless resistance is broken.
UOB strategists Quek Ser Leang and Lee Sue Ann highlight a range-bound upside bias for the Singapore Dollar against the US Dollar. Overnight, the USD/SGD pair slipped as Asian currencies remained resilient, with the SGD NEER remaining well above its mid-point. In the short-term, the pair is expected to stay within a tight intraday range, while over the next 1-3 weeks, a mild Dollar weakness is favored towards key support levels unless the resistance is broken.
Yesterday, UOB anticipated the USD to "consolidate between 1.2785 and 1.2815", but it fell to a low of 1.2766 before recovering to close 0.21% lower at 1.2777. Although the USD has not gained much momentum, it is unlikely to weaken substantially further. Today, the USD may trade within a range of 1.2765 and 1.2795.
Looking ahead to the next three weeks, UOB's view turned slightly negative on the USD on Monday, indicating a tentative buildup in downward momentum. While any decline may not break the support at 1.2765, a breach of the 'strong resistance' level at 1.2805 would suggest that the downward momentum buildup has diminished.
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