USD/SGD: Daily momentum remains bullish – OCBC

USD/SGD continued to trade near recent high with SGD weakness mirroring JPY and CHF softness. Last at 1.3231 levels, OCBC’s FX analysts Frances Cheung and Christopher Wong note.

SGD weakness mirrors JPY and CHF softness

“Daily momentum remains bullish while RSI is near overbought conditions. Potentially, a rising wedge pattern is coming into sight. This is typically associated with a bearish reversal. We monitor price pattern if a turn lower is near.”

“Resistance at 1.3290 (61.8% fibo retracement of Jun high to Oct low), 1.3350 levels (200 DMA). Support at 1.3190 (50% fibo), 1.31 (38.2% fibo). S$NEER was last at 1.44% above model-implied mid.”