Singapore Dollar: Bullish bias within tight range against US Dollar – UOB

FXStreet Insights Team FXStreet

United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann note USD/SGD held a narrow range on Wednesday and expect consolidation between 1.2765 and 1.2785 intraday. However, they highlight that short-term downward momentum has strengthened, opening scope for a move toward 1.2750 over the coming days, provided the pair stays below resistance at 1.2805. Their broader 1–3 month view still sees upside risk if 1.2871 breaks.

Short term downside while upside risk lingers

"24-HOUR VIEW: Two days ago, USD fell to a low of 1.2766. When it was at 1.2780 yesterday, we highlighted that “despite declining, USD has not gained much momentum, and it is unlikely to weaken much further.” We added that USD “is more likely to trade in a range between 1.2765 and 1.2795.” However, USD traded within a tight 1.2771/1.2783 range. The price action provides no fresh clues. Today, USD could trade between 1.2765 and 1.2785."

"1-3 WEEKS VIEW: On Monday (19 Oct, spot at 1.2800), we indicated that USD “may edge lower, but based on the prevailing momentum, any decline is unlikely to break the support at 1.2765.” After USD fell to a low of 1.2766, we highlighted yesterday (21 Oct, spot at 1.2780) that “downward momentum has increased further, and USD could decline to 1.2750.” We will continue to hold the same view as long as USD holds below 1.2805 (no change in ‘strong resistance’ level)."

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