UOB analysts see further downside for USD/SGD, targeting 1.2695 and 1.2670, as oversold conditions fail to halt the slide.
USD/SGD fell to 1.2709, down 0.59% overnight, as a broader US Dollar sell-off drove the pair toward key support levels. The decline extended to 1.2708 before a slight rebound, with no signs of stabilization yet.
Analysts had previously flagged downside risks, noting resistance at 1.2740 and a potential drop to 1.2695. The next support level is seen at 1.2670, though deeply oversold conditions may slow further declines. Resistance is now marked at 1.2740 and 1.2770.
The pair remains under pressure as long as it holds below 1.2740, with the longer-term view still favoring weakness unless 1.2810 is breached.