UOB analysts maintain a negative bias for USD/SGD but note easing downward momentum, keeping the pair in a tight range.
The USD/SGD pair remains under mild downward pressure but has entered a phase of flat short-term momentum, trading in a narrow intraday band around 1.2700. UOB analysts highlight support at 1.2670, with a break above 1.2740 potentially signaling a shift to range-trading and reduced downside risks.
Last Friday, USD/SGD fell to a low of 1.2682 before closing at 1.2699, a 0.19% decline. Yesterday, the pair traded within a tighter range of 1.2688 to 1.2711, closing nearly unchanged at 1.2707. Momentum indicators remain flat, suggesting limited movement in the near term.
The 1-3 week outlook remains negative, though oversold conditions may slow further declines. Analysts expect the pair to trade between 1.2690 and 1.2720 today, with focus on the 1.2670 support level.