FXstreet.com (Barcelona) - USD/SGD is currently trading at 1.2207, about flat for the week, off from session and weekly lows at 1.2184, while retracing from yesterday's weekly highs at 1.2226. The pair has managed to hold above key figure 1.22 round for last 2 weeks, when talks on controlled intervention around this figure started to make the rounds.
On Oct 15, Sean Lee, founder of FXWW, wrote: “agents for the MAS bought around $2 billion on Friday when USD/SGD neared the bottom of the presumed 2% trading band,” the analyst said. Even though the pair printed a fresh 1 year low following Tuesday 17 at 1.2150, with a clear bullish divergence in daily RSI, it has managed ever since to stay afloat the 1.22 mark, reaching as high as 1.2261 in Oct 23.
Immediate support to the downside for USD/SGD lies at recent 2-week lows 1.2190, followed by Sept 14 lows at 1.2172, and Oct 17 1-year low at 1.2150. To the upside, closest resistance show at yesterday's high 1.2227, followed by Friday's/Oct 14 highs at 1.2240, and Oct 23 highs at 1.2263.
On Oct 15, Sean Lee, founder of FXWW, wrote: “agents for the MAS bought around $2 billion on Friday when USD/SGD neared the bottom of the presumed 2% trading band,” the analyst said. Even though the pair printed a fresh 1 year low following Tuesday 17 at 1.2150, with a clear bullish divergence in daily RSI, it has managed ever since to stay afloat the 1.22 mark, reaching as high as 1.2261 in Oct 23.
Immediate support to the downside for USD/SGD lies at recent 2-week lows 1.2190, followed by Sept 14 lows at 1.2172, and Oct 17 1-year low at 1.2150. To the upside, closest resistance show at yesterday's high 1.2227, followed by Friday's/Oct 14 highs at 1.2240, and Oct 23 highs at 1.2263.
