USD/SGD: Strong Bias – OCBC

USD/SGD continued to trade lower, tracking the general decline in USD, recovery in RMB and JPY. The pair was last at 1.2811, note OCBC FX analysts Frances Cheung and Christopher Wong.

The broader trend remains tilted to the downside

“Daily momentum is turning slightly bearish, while the RSI is near oversold conditions. We remain mindful of short-term downside risks, but the broader trend remains bearish.”

“Support at 1.28, 1.2740 levels (76.4% fibo retracement from 2012 low to 2020 high). Resistance to levels 1.29, 1.30. S$NEER was last estimated at ~1.95% above our model’s implied mean.”