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28 Aug 2013
USD/SGD limited by corp selling below 1.2850
FXstreet.com (Barcelona) - The USD/SGD foreign exchange rate is last trading at 1.2823 off recent session and weekly highs at 1.2853/56 printed on the back of emerging market currencies weakness, up +0.24% for the week so far.
USD/SGD may strengthen further
According to IFRMarkets the USD/SGD seems to be pressured on the upside “by month end corp selling,” although “stronger stall found at 1.2770” doubted to be tested “as bids are touted at 1.2800.” From Ewen Chew at DowJones: “The Singapore dollar may weaken further, dragged by other currencies in the vicinity, which continue to weaken against the U.S. dollar. USD/SGD is rising within the daily Bollinger uptrend channel, eyeing the top of the channel at 1.2876.”
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at current levels as June 24 highs 1.2814, followed by August 20 highs at 1.2800, and Monday's weekly lows at 1.2772. To the upside, closest resistance lies at recent session/yesterday's weekly highs 1.2853/57, followed by Thursday's fresh 7-week highs at 1.2862/5, and June 08 2012 highs at 1.2887.
USD/SGD may strengthen further
According to IFRMarkets the USD/SGD seems to be pressured on the upside “by month end corp selling,” although “stronger stall found at 1.2770” doubted to be tested “as bids are touted at 1.2800.” From Ewen Chew at DowJones: “The Singapore dollar may weaken further, dragged by other currencies in the vicinity, which continue to weaken against the U.S. dollar. USD/SGD is rising within the daily Bollinger uptrend channel, eyeing the top of the channel at 1.2876.”
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at current levels as June 24 highs 1.2814, followed by August 20 highs at 1.2800, and Monday's weekly lows at 1.2772. To the upside, closest resistance lies at recent session/yesterday's weekly highs 1.2853/57, followed by Thursday's fresh 7-week highs at 1.2862/5, and June 08 2012 highs at 1.2887.