Short term consolidation is on the cards – OCBC

USD/SGD remains better bid; last at 1.3246levels, OCBC’s FX analyst Frances Cheung and Christopher Wong note.

MAS maintains status quo on policy stance

“Daily momentum remains bullish while RSI is near overbought conditions. 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$NEER was last at 1.48% above model-implied mid. MAS maintaining status quo on policy stance means that S$NEER strength may linger and only fade at some point when core inflation ease further.”