USD/SGD: Heavy bias – OCBC
Source Fxstreet
USD/SGD continued to trade lower, tracking the broad decline in USD, rebound in RMB and JPY. Pair was last at 1.2811, OCBC FX analysts Frances Cheung and Christopher Wong note.
Broader trend remains skewed to the downside
“Daily momentum is turning mild bearish while RSI is near oversold conditions. We remain cautious of near term rebound risks but broader trend remains skewed to the downside.”
“Support at 1.28, 1.2740 levels (76.4% fibo retracement of 2012 low to 2020 high). Resistance at 1.29, 1.30 levels. S$NEER was last estimated at ~1.95% above our model-implied mid.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
As one of the most traded currency pair in the forex markets, the price of EURUSD affects many traders. Check out our EURUSD long-term forecast for more information.
The Japanese Yen (JPY) rallied to the highest level since early February against its American counterpart on Friday amid bets for an imminent shift in the Bank of Japan's (BoJ) policy stance.
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Ethereum price is correcting gains from the $2,720 resistance. ETH is now trading below $2,650 and might find bids near the $2,600 level. Ethereum started a downside correction from the $2,720 zone.
Asian equities trades were mixed on Monday.
Related Instrument
