USD/SGD: Rebound in progress – OCBC

“USD/SGD is back. The pair was last at 1.2863, note OCBC FX strategists Frances Cheung and Christopher Wong.

Slight bearish momentum on the daily chart is fading

“Slight bearish momentum on the daily chart has declined, while the RSI has risen from near oversold conditions. Near-rebound risks are likely to play out, but the broader trend remains to the downside.”

“Resistance at levels 1.29, 1.30. Support at 1.28, 1.2740 levels (76.4% fibo retracement from 2012 low to 2020 high). S$NEER was last estimated at ~1.96% above our model’s implied mean.”