Singapore Dollar: Rebound prospects improve against US Dollar - OCBC
OCBC strategists Sim Moh Siong and Christopher Wong point out USD/SGD has eased, tracking a softer US Dollar (USD) and lower US Treasury yields despite firm US Producer Price Index (PPI) and retail sales. Daily momentum is turning mild and RSI has backed off overbought, suggesting the recent sharp spike may prove a false break. He highlights key support at 1.2790 and 1.2750 and resistance at 1.2840 and 1.2870.
USD/SGD momentum fading
"USD/SGD eased lower, tracking moves in USD, US Treasury yields lower. This is despite US PPI, retail sales coming in firmer."
"Pair was last seen at 1.2820 levels. Mild bullish momentum on daily chart shows signs of fading while RSI eased away from overbought conditions."
"The recent sharp spike higher may end as a false break, given that the spike has failed to build on momentum thus far."
"We continue to watch price action into the week’s close."
"Support at 1.2790 (21, 200 DMAs), 1.2750 (50 DMA). Resistance at 1.2840, 1.2870 (recent high)."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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