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USD/SGD seen neutral as pair consolidates after jump to 1.2754

UOB analysts set a neutral outlook for USD/SGD, pegging near-term trading to 1.2705 to 1.2780 with major resistance at 1.2780.

Reported · Written up by our desk · Major Pairs

United Overseas Bank analysts at UOB said USD/SGD surged to 1.2754 after they had previously expected a tighter trading range.

They noted that Singapore’s S$ Nominal Effective Exchange Rate, or S$NEER, remains above its midpoint, even as USD/SGD has moved higher.

In the coming days, UOB sees the pair as neutral within the 1.2705 to 1.2780 band, with intraday gains likely capped between 1.2725 and 1.2765.

UOB added that while any push above 1.2765 could extend, resistance at 1.2780 is unlikely to be tested soon, given overbought conditions.

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