Singapore Dollar: Range trade holds near recent lows against US Dollar – UOB

FXStreet Insights Team FXStreet

United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann note USD/SGD has stabilised after an earlier sell-off, with spot around 1.2905 and intraday price action expected to stay confined between nearby support and resistance. They highlights building downside momentum on a 1–3 week horizon, with 1.2860 as a key trigger for a deeper decline, while 1.2930 caps the topside.

Dollar-Singapore pair stuck in tight band

"24-HOUR VIEW: USD fell to a low of 1.2876 two days ago. When it was at 1.2885 in the early Asian session yesterday, we highlighted that “the sharp increase in momentum points to further downside, but any decline is expected to face firm support at 1.2860.” We also noted that “the 1.2875 level is expected to offer support as well.” Our view did not materialise as USD rebounded to 1.2912 before closing 0.18% higher at 1.2908 (+0.18%). USD appears to have entered a range-trading phase, most likely between 1.2890 and 1.2920."

"1-3 WEEKS VIEW: Two days ago (15 Jul, spot at 1.2910), we highlighted that “while there is scope for USD to weaken, given that there is no clear increase in downward momentum, any decline could be contained within a 1.2860/1.2955 range.” After USD dropped to a low of 1.2876, we highlighted the following yesterday (16 Jul, spot at 1.2885): “Downward momentum is starting to build, and should USD close below 1.2860, it could trigger a deeper decline. On the upside, a breach of 1.2930 (‘strong resistance’ level) would mean that the risk of further downside has eased.” Our view remains unchanged."

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