United Overseas Bank’s Quek Ser Leang and Lee Sue Ann note USD/SGD has stalled after a six-day advance, with the pair easing to 1.2950 before closing near 1.2970. In the near term, they expect range trading between 1.2950 and 1.2980, while warning that a break below 1.2925 would signal the recent 1.2991 high may cap current Dollar strength against the Singapore Dollar.

USD/SGD upside momentum cools

“24-HOUR VIEW: Two days ago, USD rose more than we expected to 1.2991 and then eased. Yesterday, when USD was at 1.2975, we highlighted that USD “appears to be unwinding from overbought conditions, and any decline is likely to be contained within a 1.2955/1.2990 range.” USD subsequently eased to 1.2950 before recovering to close largely unchanged at 1.2970 (-0.08%). The recovery lacks momentum, and the current price movements are likely part of a range-trading phase. Today, we expect USD to trade between 1.2950 and 1.2980.”

“1-3 WEEKS VIEW: We have held a positive USD since last week. We reiterated our view two days (24 Jun, spot at 1.2965), highlighting that USD “remains positive, and the next technical target is 1.3000.” After rising for six straight days, USD closed slightly lower yesterday at 1.2970 (-0.08%). Upward momentum has eased somewhat, and USD needs to build on its gain soon, or a breach of 1.2925 (no change in ‘strong support’ level) would indicate that the 1.2991 high seen two days ago is the extent of the current USD strength.”

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