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USD/SGD holds range, break below 1.2790 seen as key

UOB analysts said the pair was roughly unchanged on Tuesday, closing near 1.2819 after trading within a tighter band than expected.

Reported · Written up by our desk · Major Pairs

United Overseas Bank analysts Quek Ser Leang and Lee Sue Ann said USD/SGD was broadly flat on Tuesday, with the SGD NEER trading 1.5% to 2.0% above its mid-point, which they said put the pair in a roughly 1.2773 to 1.2837 range.

They expect USD/SGD to consolidate intraday between 1.2805 and 1.2840, after it traded within a narrower 1.2815 to 1.2840 window and closed largely unchanged at 1.2819, down 0.06%.

Looking ahead one to three weeks, the analysts said downside risk remains, but they expect further declines to be more likely only if USD breaks and holds below the key support level at 1.2790, with 1.2765 the next level to watch if that support gives way.

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