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USD/SGD eases as traders look to US CPI and Fed Chair Warsh

OCBC says USD/SGD has mild bearish momentum, citing support at 1.29 and 1.2840 and resistance at 1.2980, with the pair expected to react to US CPI and Fed testimony.

Reported · Written up by our desk · Major Pairs

OCBC strategists Sim Moh Siong and Christopher Wong said USD/SGD has turned slightly softer, tracking gains in the renminbi as the US dollar consolidates.

The pair was last at 1.2915, and OCBC sees risks skewed to the downside. The note points to mild bearish momentum, with RSI having fallen.

OCBC highlighted technical levels for investors, citing support at 1.29, then 1.2840, and resistance at 1.2980.

With USD/SGD strongly correlated to the DXY, OCBC said the exchange rate is expected to take cues from external drivers, particularly US Consumer Price Index data and Fed Chair Warsh’s testimonies.

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