2 Sep 2013
USD/SGD extending the case for a double top above 1.28
FXstreet.com (Barcelona) - The USD/SGD foreign exchange rate is last trading at 1.2744 off recent session lows at 1.2728 on SGD stregnth as one of the most resilient currencies among EM, analysts said.
USD/SGD may see further range trading
According to IFRMarkets analyst Catherine Tan the USD/SGD “May see further range trades amid 1.2720-1.2770. Markets wary of further SGD proxy trades unwind on delayed Syria attack. Strong China mfg PMI data may weigh on USD/SGD too ,” Tan added. The pair is still little changed for the week so far.
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at Friday's lows 1.2723, followed by August 16 lows at 1.2673, and August 06 lows at 1.2654.. To the upside, closest resistance lies at recent session/August 02 highs 1.2767/71, followed by Friday's highs/August 26 lows 1.2775, and August 20 highs at 1.2801.
USD/SGD may see further range trading
According to IFRMarkets analyst Catherine Tan the USD/SGD “May see further range trades amid 1.2720-1.2770. Markets wary of further SGD proxy trades unwind on delayed Syria attack. Strong China mfg PMI data may weigh on USD/SGD too ,” Tan added. The pair is still little changed for the week so far.
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at Friday's lows 1.2723, followed by August 16 lows at 1.2673, and August 06 lows at 1.2654.. To the upside, closest resistance lies at recent session/August 02 highs 1.2767/71, followed by Friday's highs/August 26 lows 1.2775, and August 20 highs at 1.2801.