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USD/SGD holds mild downside pressure with support seen near 1.2765

UOB expects further USD/SGD downside toward 1.2740 only if 1.2765 breaks clearly, while resistance is seen around 1.2830.

Reported · Written up by our desk · Major Pairs

United Overseas Bank analyst Quek Ser Leang said USD/SGD is still under mild downward pressure after the pair slipped to 1.2775 before rebounding. FXStreet reports that UOB expects the pair could retest 1.2775 intraday, with support around 1.2765 likely to hold.

Over the next one to three weeks, UOB said additional downside would require a clear break below 1.2765, which would open the way toward 1.2740. Resistance is seen near 1.2830, limiting the upside unless that level is breached.

FXStreet also noted USD traded in a narrow range and closed largely unchanged at 1.2807 last Thursday, then fell to a low of 1.2775 before recovering to close at 1.2789, down 0.10%. UOB added that any further move to 1.2740 is not expected without the 1.2765 break.

For the 24-hour view, UOB said there is a chance for USD to test 1.2775 again. It also said a breach of 1.2815 would indicate the current mild downward pressure has eased, with nearer resistance cited around 1.2805.

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