United Abroad Financial institution’s Quek Ser Leang and Lee Sue Ann anticipate USD/SGD to stay directionless within the close to time period, with intraday buying and selling confined to a decent 1.2900–1.2925 band. Over the approaching weeks, the pair is seen oscillating in a broader 1.2875–1.2955 vary as earlier draw back momentum has pale. A deeper correction would require a break of the 1.2865 55‑day EMA help.
Greenback-Singapore Greenback trapped in tight band
“24-HOUR VIEW: Whereas we indicated yesterday that “there was a tentative enhance in upward momentum,” we identified that “it’s inadequate to point a continued rise.” We held the view that USD “is extra more likely to commerce inside a better vary of 1.2900/1.2930.” Nevertheless, USD traded sideways between 1.2898 and 1.2923, closing little modified at 1.2911 (-0.09%). Momentum indicators are principally flat, and USD might proceed to commerce sideways at present, almost certainly between 1.2900 and 1.2925.”
“1-3 WEEKS VIEW: Final Thursday (16 Jul, spot at 1.2885), we indicated that “downward momentum is beginning to construct, and may USD shut beneath 1.2860, it might set off a deeper decline.” Two days in the past (21 Jul, spot at 1.2910), we highlighted the next: “USD traded in a quiet method over the previous few days, and downward momentum is beginning to ease. Nevertheless, so long as 1.2930 (‘sturdy resistance’ degree) isn’t breached, the danger of USD breaking and shutting beneath 1.2860 stays, although the chances aren’t excessive.” USD traded in a quiet method over the previous couple of days, and downward momentum has largely pale. From right here, USD is more likely to commerce in a spread between 1.2875 and 1.2955.”
(This text was created with the assistance of an Synthetic Intelligence device and reviewed by an editor. Know extra.)
