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USD/SGD holds near 1.2800 as USD momentum targets 1.2835
UOB estimates USD/SGD is likely to trade in a 1.2764 to 1.2828 range today, with resistance seen at 1.2835.
FXStreet reports that UOB analysts said USD/SGD is consolidating near 1.2800 after a surge on Wednesday, with the Singapore dollar supported by expectations of further monetary tightening from the MAS (Monetary Authority of Singapore).
UOB’s USD/SGD view, via its Singapore Dollar Nominal Effective Exchange Rate model, places the pair about 1.76% above the midpoint, which translates to an intraday range of 1.2764 to 1.2828, and highlights 1.2835 as a key resistance level.
In the 24-hour outlook, USD is expected to keep consolidating, with UOB pointing to a likely range of 1.2780 to 1.2815, after it closed unchanged at 1.2800 following consolidation between 1.2788 and 1.2811.
For the one to three week horizon, UOB said it turned positive on USD two weeks ago and expects the renewed upward momentum to keep the focus on a test of the 1.2835 resistance level.