Singapore Dollar: Range-bound upside bias holds against US Dollar – UOB

FXStreet Insights Team FXStreet

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.

Dollar softness capped by nearby support

"24-HOUR VIEW: We expected USD to “consolidate between 1.2785 and 1.2815” yesterday. We were incorrect as USD declined to a low of 1.2766 before recovering to close 0.21% lower at 1.2777. Despite declining, USD has not gained much momentum, and it is unlikely to weaken much further. Today, USD is more likely to trade in a range between 1.2765 and 1.2795."

"1-3 WEEKS VIEW: We turned slightly negative on USD on Monday (19 Oct, spot at 1.2800), indicating that “there has been a tentative buildup in downward momentum.” We highlighted that USD “may edge lower, but based on the prevailing momentum, any decline is unlikely to break the support at 1.2765.” Yesterday, USD fell to a low of 1.2766. Downward momentum has increased further, and USD could decline to 1.2750. Overall, only a breach of 1.2805 (‘strong resistance’ level previously at 1.2830) would indicate that the buildup in downward momentum has faded."

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