6 Sep 2013
USD/SGD unable to sustain gains above 1.2800
FXstreet.com (Barcelona) - The USD/SGD foreign exchange rate is last trading at fresh session lows 1.2780 off recent session and weekly highs at 1.2815, still a bit higher for the week so far, ahead of later on US NFP at 12:30 GMT.
USD/SGD expected to remain below 1.2860
“USD/SGD finally above the 1.2800 handle, with a high of 1.2815,” said the FXMarketAlerts Team, adding: “Prices have since softened to the 1.2790 currently seen, and we expect prices to remain below the 1.2860 resistance, ahead of NFP data later in the day. The SGD NEER is still seen at elevated levels of 0.57% above its midpoint, and while the effective rate have stayed at relatively high levels recently, we expect it to return below the +0.50% mark before the Oct MAS meeting, if not on the day, particularly with the South Asian currencies remaining heavy.”
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at recent session lows 1.2778/80, followed by August 26 lows 1.2772, and yesterday's/August 29 lows 1.2736/34. To the upside, closest resistance shows at Tues/Wed highs 1.2793, followed by mentioned weekly highs at 1.2815, and August 22 highs at 1.2840.
USD/SGD expected to remain below 1.2860
“USD/SGD finally above the 1.2800 handle, with a high of 1.2815,” said the FXMarketAlerts Team, adding: “Prices have since softened to the 1.2790 currently seen, and we expect prices to remain below the 1.2860 resistance, ahead of NFP data later in the day. The SGD NEER is still seen at elevated levels of 0.57% above its midpoint, and while the effective rate have stayed at relatively high levels recently, we expect it to return below the +0.50% mark before the Oct MAS meeting, if not on the day, particularly with the South Asian currencies remaining heavy.”
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at recent session lows 1.2778/80, followed by August 26 lows 1.2772, and yesterday's/August 29 lows 1.2736/34. To the upside, closest resistance shows at Tues/Wed highs 1.2793, followed by mentioned weekly highs at 1.2815, and August 22 highs at 1.2840.