Singapore Dollar Further losses capped by 1.2855 versus dollar – UOB
UOB’s Quek Ser Leang and Lee Sue Ann note that USD/SGD has broken to a two‑month high near 1.2840, with strong momentum pointing to further Dollar strength against the Singapore Dollar. However, they highlight overbought conditions and a key resistance at 1.2855, while the Singapore Dollar (SGD) Nominal Effective Exchange Rate (NEER) remains comfortably above its midpoint, implying a near‑term USD/SGD range around 1.2810–1.2870.
Upside bias toward key resistance
"24-HOUR VIEW: While we indicated yesterday that USD “could break above 1.2810,” we stated that “it remains to be seen if USD can maintain a foothold above this level.” We added, “the next resistance at 1.2835 is not expected to come into view.” We did not anticipate USD to soar and closed at a two-month high of 1.2841 (+0.34%). Strong momentum suggests further USD strength, even though overbought conditions may limit any gains to a test of the significant resistance at 1.2855. To keep the momentum going, USD must hold above 1.2805, with minor support at 1.2820."
"1-3 WEEKS VIEW: Two days ago (02 Jun, spot at 1.2785), we highlighted that “there has been a slight increase in upward momentum, but for a continued rise, USD must first close above 1.2810.” Yesterday, USD broke above 1.2810 before closing at 1.2841 (+0.34%). The price action suggests USD could rise further to the significant resistance at 1.2855. We will maintain our positive USD view as long as 1.2785 (‘strong support’ level was at 1.2760 yesterday) is not breached. Looking ahead, should USD break above 1.2855, the focus will shift to another significant resistance at 1.2890."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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