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USD/SGD rebounds but UOB sees resistance near 1.2835

UOB says a break below 1.2765 would signal renewed range trading, with support cited at 1.2785 and 1.2775.

Reported · Written up by our desk · Major Pairs

UOB strategists Quek Ser Leang and Lee Sue Ann said USD/SGD rebounded to 1.2810 before closing at 1.2797, with upward momentum rebuilding but not strong enough to indicate a sustained advance. FXStreet reports that UOB is keeping an eye on the pair potentially edging above 1.2810, while also arguing the major resistance at 1.2835 is unlikely to be reached.

In its 24-hour view, UOB noted USD eased to a low of 1.2769 two days earlier and had been trading around 1.2780 the following day, but then rebounded from 1.2775 to 1.2810. UOB added that USD closed 0.10% higher at 1.2797, and it flagged support at 1.2785, followed by 1.2775, as key levels.

Looking ahead over 1 to 3 weeks, UOB said a break below 1.2765 would point to renewed range trading. FXStreet also notes UOB’s commentary that earlier views had expected momentum to build again toward 1.2835, before the subsequent retreat to 1.2769.

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