Analysts note fading bearish momentum in USD/SGD as technical resistance levels emerge after recent declines.
USD/SGD traded near 1.28 after retreating from post-US payroll declines, with OCBC analysts observing waning bearish momentum. The pair consolidated overnight, with relative strength indicators suggesting a potential rebound from oversold conditions.
Key resistance levels are identified at 1.2830/40 and 1.2870/90, aligning with moving averages and Fibonacci retracements. Support lies at 1.2770 and 1.2740. Analysts highlight that near-term direction hinges on broader USD trends and USD/CNY movements, alongside upcoming US data releases.
Upcoming US CPI, PPI, and retail sales reports are expected to influence the pair’s trajectory in the coming sessions.