UOB analysts maintain a cautious outlook for the Singapore dollar, citing resistance at 1.2945-1.2955 against the US dollar.
The USD/SGD pair opened stronger following a quiet session, with tentative upward momentum building but facing resistance near 1.2945–1.2955. Analysts note the pair remains within an established range, limiting near-term movements.
For the next one to three weeks, the pair is expected to trade between 1.2890 and 1.2955, reflecting a slight downside bias. The range aligns with recent price action, though momentum indicators suggest cautious optimism for modest USD strength.
No immediate market reaction was specified, but the outlook implies subdued volatility for the currency pair in the near term.