Is the rebound over? – OCBC

USD/SGD rebounded to near 1.31 overnight before partially erasing the move, note OCBC FX strategists Frances Cheung and Christopher Wong.

The rebound may have stalled for now

“The pair was last at 1.3070 levels. Transformed daily momentum is bullish while RSI is flat. The rebound may have stalled for now.”

“Resistance at 1.3110 (21 DMA), 1.3160 ​​levels (23.6% 2024 fibo retracement from high to low). Support at 1.3050, 1.30 (recent low). S$NEER was last estimated at ~1.87% above our model’s implied mean.”