Singapore Dollar: Further gains hinge on USD weakness – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note that USD/SGD slipped as the US Dollar softened after the US midterm elections, with the pair closing near 1.2795.
UOB analysts Quek Ser Leang and Lee Sue Ann highlight that USD/SGD slipped after the US Dollar weakened in the wake of the US midterm elections, reaching near 1.2795. In the short term, they anticipate a slight downside trend, with losses expected to persist above 1.2755. Over the upcoming one to three weeks, a close below 1.2775 would expose the 1.2755 major support level.
Two days prior, the USD peaked at 1.2817, while yesterday, it was noted that the upward momentum was insufficient for a sustained advance, leading to a range-bound movement between 1.2790 and 1.2820. Instead of trading within a range, the USD dropped to 1.2775 and then recovered. Currently, USD exhibits a tentative shift in downward momentum, with the overall bias leaning towards the downside.
Any decline is expected to remain above 1.2755. Minor support is observed at 1.2760, while resistance is positioned at 1.2800.
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