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USD/SGD firms slightly as resilient US data offsets dollar downside
OCBC flags upside room for USD/SGD toward 1.2740 and 1.2780/90, while risks to the Singapore dollar hinge on the Fed Chair Warsh event at Jackson Hole.
OCBC Bank strategists Sim Moh Siong and Christopher Wong said USD/SGD has edged slightly higher, with resilient US data checking the US dollar’s downside pressure. Despite the firmer tone, they described the pair as subdued and rangebound, with daily momentum still mildly bearish.
They pointed to near-oversold conditions on the daily chart easing, noting RSI has turned higher from those lows. That shift, they said, leaves room for some near-term upside in USD/SGD and therefore downside risks for the Singapore dollar.
OCBC’s levels view resistance at 1.2740 and 1.2780/90, tied to Fibonacci retracement levels, with support at 1.2680 and 1.2650. The pair was last seen around 1.2720, as traders look ahead to Fed Chair Warsh’s Jackson Hole speech.
FXStreet also noted that broader dollar price action remains tied to upcoming US events at Jackson Hole, contributing to cautious conditions across FX. For USD/SGD specifically, OCBC said some upside risks are not ruled out in the interim, even as mild bearish momentum on the daily chart remains intact.