USD/SGD: Consolidation on the daily chart – OCBC

USD/SGD continued to trade subdued in absence of fresh catalyst. Pair continues to hold around 1.3030 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Daily momentum is flat

"Price pattern last week flagged the risk of a bull trap though it remains early to concur especially when price action this week has been lackluster. Weekly technical shows a gravestone doji, typically associated with a bearish reversal."

"On daily chart, daily momentum is flat but RSI showed tentative signs of turning higher. 2-way risks likely. Resistance at 1.31 levels (38.2% fibo, near recent highs). Support at 1.30 (21 DMA), 1.2950 (23.6% fibo retracement of 2025 high to low) and 1.2930 (50 DMA)."

"Looking on, we expect broader market narratives, including USD trend, moves in RMB, JPY and risk sentiments, etc. to influence the pair more as MAS policy takes a back seat for now. S$NEER was last at 1.15% above model implied mid."