OCBC strategists Sim Moh Siong and Christopher Wong note that the USD/SGD rate is weakening somewhat, tracking the renminbi (RMB) gains as the dollar consolidates. In their opinion, the risk is skewed to the downside, with support at 1.29 and 1.2840 and resistance at 1.2980. Given its mighty correlation with DXY, they expect the USD/SGD pair to follow external stimuli, especially the US Consumer Price Index (CPI) and Fed Chairman Warsh’s testimony.
External drivers and technical configuration
“USD/SGD was slightly weaker, tracking gains in RMB, while USD caught its breath.”
“The last pair was at 1.2915. Momentum is slightly bearish while RSI has declined. Risks have turned to the downside for now. Support at 1.29 (61.8% fibo retracement from November high to January low), 1.2840 (50 DMA), 50% fibo. Resistance at 1.2980 (76.4% fibo).”
“This week’s SG data shows that the Q2 2026 GDP release is scheduled for July 14 and the NODX release is scheduled for July 19.”
“As the correlation between USDSGD and DXY remains significant, the pair is likely taking cues from external factors – take a close look at the US CPI and Fed Chair testimony.”
(This article was created with the facilitate of an artificial intelligence tool and has been reviewed by an editor. Find out more.)
