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United Overseas Bank’s (UOB) Quek Ser Leang notes USD/SGD slipped to 1.2809 but closed near 1.2821, with intraday bias still pointing lower. However, he highlights 1.2790 as significant support that may hold unless momentum improves, while 1.2845 marks the level that would negate the downside bias. Over the 1–3 week horizon, further losses require a clear break below 1.2790.
Downside risk constrained by support
“24-HOUR VIEW: USD fell to a low of 1.2809 last Friday before closing largely unchanged at 1.2821 (+0.06%). While the bias remains tilted to the downside today, given that there is no clear increase in downward momentum, any decline may not break the significant support at 1.2790. On the upside, a breach of 1.2845 would indicate that the downside bias has faded.”
“1-3 WEEKS VIEW: USD fell sharply last week, closing down by 0.67% at 1.2821. Strong momentum suggests further downside risk, but USD must break and hold below the significant support at 1.2790 before further declines are likely. The risk of USD breaking clearly below 1.2790 will remain intact as long as USD holds below 1.2875 (‘strong resistance’ level). Looking ahead, the next level to watch below 1.2790 is 1.2765.”
