United Abroad Financial institution’s Quek Ser Leang and Lee Sue Ann be aware USD/SGD has stalled after a six-day advance, with the pair easing to 1.2950 earlier than closing close to 1.2970. Within the close to time period, they anticipate vary buying and selling between 1.2950 and 1.2980, whereas warning {that a} break beneath 1.2925 would sign the latest 1.2991 excessive could cap present Greenback power in opposition to the Singapore Greenback.
USD/SGD upside momentum cools
“24-HOUR VIEW: Two days in the past, USD rose greater than we anticipated to 1.2991 after which eased. Yesterday, when USD was at 1.2975, we highlighted that USD “seems to be unwinding from overbought circumstances, and any decline is more likely to be contained inside a 1.2955/1.2990 vary.” USD subsequently eased to 1.2950 earlier than recovering to shut largely unchanged at 1.2970 (-0.08%). The restoration lacks momentum, and the present worth actions are doubtless a part of a range-trading section. At this time, we anticipate USD to commerce between 1.2950 and 1.2980.”
“1-3 WEEKS VIEW: We’ve got held a optimistic USD since final week. We reiterated our view two days (24 Jun, spot at 1.2965), highlighting that USD “stays optimistic, and the subsequent technical goal is 1.3000.” After rising for six straight days, USD closed barely decrease yesterday at 1.2970 (-0.08%). Upward momentum has eased considerably, and USD must construct on its acquire quickly, or a breach of 1.2925 (no change in ‘robust help’ stage) would point out that the 1.2991 excessive seen two days in the past is the extent of the present USD power.”
(This text was created with the assistance of an Synthetic Intelligence software and reviewed by an editor.)
