Singapore Dollar: Range trade holds against US Dollar – UOB
United Overseas Bank (UOB) strategist Quek Ser Leang notes USD/SGD slipped to 1.2781 on Friday, with the SGD NEER staying well above its midpoint. For the intraday session, he expects the pair to hold within 1.2768–1.2832, aligning with technical levels at 1.2775/1.2815. On a 1–3 week and 1–3 month horizon, he still sees scope for a recovery toward 1.2835 while 1.2765 acts as strong support.
Dollar-Singapore seen capped near 1.2835
"24-HOUR VIEW: The following are excerpts from our update last Friday: “USD is likely to trade with an upside bias, but the major resistance at 1.2835 could be out of reach for now. We noted that “there is another resistance level at 1.2820”. The subsequent price movements did not unfold as expected. USD rose to 1.2818, but during the NY session, it briefly fell to 1.2772 before recovering to close 0.10% lower at 1.2790. There has been no shift in either downward or upward momentum. Today, USD is likely to range-trade between 1.2775 and 1.2815."
"1-3 WEEKS VIEW: Last Friday (02 Oct, spot at 1.2800), we revised our USD view from neutral to positive. We indicated that “upward momentum is building again, and USD is likely to rise toward 1.2835.” We added, “a break below the ‘strong support’ level, now at 1.2765, would indicate that USD could continue to range-trade.” USD subsequently rose to 1.2818 before staging a relatively sharp decline to 1.2772. The buildup in momentum has eased somewhat, but we will continue to hold the same view as long as 1.2765 remains intact."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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