USD/SGD slips towards the June 2018 low at 1.3346 – Commerzbank

USD/SGD briefly slid below the 2019 lows at 1.3451/43 as fell to a two and a half year low at 1.3409, a break through which would target the 1.3346/07 area, per Commerzbank. 

Key quotes

“USD/SGD’s descent has taken it to the current November low at 1.3409, before trying to stabilise around the 1.3451/43 2019 and early 2020 lows. Failure at 1.3409 would make us bearish again and would target the September 2017 and June 2018 lows and February 2018 high at 1.3346/07. Much further down the January-to-March 2018 lows can be found at 1.3053/09.” 

“Good resistance can now be spotted between the early September and October lows at 1.3526/59. Overall downside pressure should be maintained while the cross remains below the current November high at 1.3714. Below it meanders the 55-day moving average at 1.3616.”