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USD/SGD steadies after sharp drop, downside risk still seen

UOB says USD/SGD consolidated between 1.2760 and 1.2795 after rebounding from 1.2752, with support at 1.2765 and a potential move toward 1.2740 if downside persists.

Reported · Written up by our desk · Major Pairs

United Overseas Bank analysts at UOB said USD/SGD eased near term after rebounding from a sharper-than-expected drop to 1.2752, which reduced immediate downside pressure and shifted the focus to intraday consolidation. They expect range trading between 1.2760 and 1.2795 after the pair rebounded and finished at 1.2778, down 0.16%. In their 24-hour view, UOB noted USD fell to a low of 1.2775 last Friday and had declined further than anticipated. The analysts said there is a chance USD could test 1.2775 again, while the next support at 1.2765 is less likely to come into view. For the next one to three weeks, UOB maintained that the risk for the US dollar is to the downside. The firm said USD broke below 1.2765 and moved down to 1.2752 before rebounding, and that a decline toward 1.2740 remains possible, while resistance is capped near 1.2810.

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