Daily momentum turns mild bullish – OCBC

USD/SGD resumed its move higher this morning, tracking moves in broad USD. Pair was last at 1.3376 levels, OCBC’s FX analysts Frances Cheung and Christopher Wong note.

Consolidation on the day

“Daily momentum turned mild bullish while RSI rose. Consolidation likely with slight risk to the upside. Support at 1.3290 (61.8% fibo retracement of Jun high to Oct low), 1.3190 (50% fibo), 1.31 (38.2% fibo).”

“S$NEER was last at 1.42% above model-implied mid.”