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USD/SGD edges higher, but risk of a break below 1.2890 remains
UOB said upside looks limited under 1.2955, while its 1–3 week view flags increased risk that USD/SGD falls below 1.2890.
USD/SGD is edging higher after a stretch of tight consolidation, with United Overseas Bank pointing to short-term upside but limited follow through below nearby resistance.
In its 24-hour view, UOB said the pair could edge higher, while noting it is unlikely to break above 1.2955. The bank also cited another resistance level at 1.2940, with support at 1.2920 and 1.2910, according to FXStreet.
UOB added that while momentum has turned up, there is increased risk of a break under 1.2890 over a 1 to 3 week horizon. It also said longer-term weekly signals point to potential strength toward 1.3095.
FXStreet reported USD/SGD traded between 1.2906 and 1.2934 and closed largely unchanged at 1.2929, up 0.04% on the day, as the market balanced intraday gains against the key downside level.