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USD/SGD holds near 1.2821 as downside bias stays below 1.2790
UOB flags 1.2790 as key support over the next 1 to 3 weeks, with further USD losses requiring a clear break below that level.
FXStreet market commentary citing United Overseas Bank’s Quek Ser Leang said USD/SGD slipped to 1.2809 but closed near 1.2821, leaving the intraday outlook tilted to the downside.
The note highlights 1.2790 as the significant support that may hold unless downside momentum improves. It adds that 1.2845 would negate the downside bias if USD breaks above it.
Over the 1 to 3 week horizon, FXStreet said further losses are less likely unless the pair breaks and holds below 1.2790. It also points to 1.2875 as strong resistance, while the next level to watch below support is 1.2765.
FXStreet further described the recent move as USD falling to a low of 1.2809 before closing largely unchanged at 1.2821, a 0.06% gain on the day.
Over the prior week, FXStreet said USD/SGD fell sharply, closing down 0.67% at 1.2821.