United Overseas Bank analysts maintain a mild bullish outlook for USD/SGD, targeting 1.2900 while eyeing 1.3000 on a break above 1.2930.
United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann forecast USD/SGD to test 1.2900 in the near term, with 1.2915 as a key resistance level. The pair’s gains remain intact as long as support at 1.2830 holds over a 1-3 week horizon.
Recent price action saw USD dip to 1.2848 before recovering, trading within a narrower range of 1.2856 to 1.2885. UOB noted a slight increase in upward momentum, though overall momentum remains lackluster. Over a 1-3 month period, a break above 1.2930 could open the door to 1.3000.
The analysts emphasized that only a breach below 1.2830 would signal a halt in USD’s advance, maintaining their mildly positive stance on the pair.