Singapore Dollar: Upside risks as momentum fades against US Dollar – OCBC

FXStreet Insights Team FXStreet

OCBC’s Christopher Wong observes that USD/SGD has slipped, tracking broader USD moves as risk sentiment tentatively stabilised. Bullish momentum on the daily chart has faded and RSI has fallen, leaving risks skewed to the downside. Support is seen at 1.29 and 1.2880, with resistance at 1.2980, while the Singapore Dollar Nominal Effective Exchange Rate (S$NEER) trades around 1.65% above its model-implied mid.

Pair slips with downside risk bias

"USD/SGD slipped, tracking the moves in USD while broader risk sentiment tentatively stabilised. Pair was last at 1.2925 levels."

"Bullish momentum on daily chart faded while RSI fell. Risks skewed to the downside."

"Support at 1.29 (61.8% fibo retracement of Nov high to 2026 low), 1.2880 (21 DMA). Resistance at 1.2980 levels (76.4% fibo)."

"S$NEER model shows S$NEER trading around 1.65% above model implied mid."

"On data release, deposits and balances of residents out Singapore is expected later today."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

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FXStreet Insights Team

FXStreet

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