Singapore Dollar: Sideways bias holds above support against US Dollar – UOB

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann maintain a constructive short-term view on USD/SGD, noting recent sideways trade around 1.2760. They expect the Singapore Dollar (SGD) pair to stay in a narrow intraday band, while the broader 1–3 week outlook remains positive as long as strong support at 1.2725 holds, with resistance levels at 1.2800 and 1.2835 still in focus.

Dollar stays supported versus Singapore Dollar

"24-HOUR VIEW: USD traded sideways between 1.2745 and 1.2766 yesterday, closing little changed at 1.2763 (+0.05%). Further sideways trading appears likely, but the slightly firmer underlying tone suggests a higher range of 1.2750/1.2775."

"1-3 WEEKS VIEW: We have been holding a positive USD stance since early last week (see annotations in the chart below). In our latest update from last Thursday (17 Sep, spot at 1.2780), we highlighted that “the outlook for USD remains positive.” We also highlighted that “the levels to watch are 1.2800 and 1.2835.” Since then, USD has been trading mostly sideways. While upward momentum is starting to ease, only a breach of 1.2725 (‘strong support’ level previously at 1.2710) would indicate that USD has entered a range-trading phase."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)