UOB analysts note the Singapore dollar’s decline has stalled, with USD/SGD range-bound unless it breaks key support at 1.2790.
USD/SGD’s recent downside momentum has faded after testing 1.2790, recovering to 1.2827, according to market analysis. The pair is now expected to trade between 1.2805 and 1.2845 in the near term, with further declines contingent on a clear break below 1.2790.
Earlier downward pressure suggested potential for additional losses, but the lack of sustained momentum below 1.2790 has reduced immediate bearish risks. The next support level is identified at 1.2765, while resistance remains at 1.2875.
The pair closed little changed at 1.2827, reflecting a pause in its recent decline. Analysts maintain that a break below 1.2790 is necessary to revive downward pressure.