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USD/SGD seen trading in a tight range as support holds
UOB’s strategist Quek Ser Leang expects USD/SGD to stay between 1.2768 and 1.2832 intraday, with 1.2765 flagged as strong support.
UOB strategist Quek Ser Leang said USD/SGD slipped to 1.2781 on Friday, while the SGD NEER remained above its midpoint, according to FXStreet. He expects the pair to hold within 1.2768 to 1.2832 for the intraday session, aligning with technical levels at 1.2775 and 1.2815.
On the 1 to 3 week and 1 to 3 month horizon, UOB still sees scope for a recovery toward 1.2835, with 1.2765 acting as strong support, FXStreet reported. The strategist also pointed to resistance near 1.2835 and 1.2820 in his prior outlook.
FXStreet added that USD rose to 1.2818, briefly fell to 1.2772 during the NY session, and then closed 0.10% lower at 1.2790. The update said there was no shift in either downward or upward momentum, and that USD was likely to range trade between 1.2775 and 1.2815.