USD/SGD: Rise over? – OCBC

USD/SGD fell, tracking the pullback in USD as Trump trade unwinds. Pair was last at 1.3171, OCBC’s FX analysts Frances Cheung and Christopher Wong note.

USD pulls back as Trump trade unwinds

“Bullish momentum on daily chart faded while RSI eased from near overbought conditions. Support at 1.31 (38.2% fibo), 1.3040 (50 DMA). Resistance at 1.3190 (50% fibo), 1.3290 (61.8% fibo retracement of Jun high to Oct low).”

“S$NEER strengthened; last at 1.62% above model-implied mid.”