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18 Sep 2013
USD/SGD searching for bids above 1.26 ahead of FOMC
FXstreet.com (Barcelona) - The USD/SGD foreign exchange rate is last trading at 1.2655 off mid NY session fresh 5-week lows at 1.2580 down -0.71% for the week so far mostly on USD weakness, few hours away from key FOMC meeting at 18:00 GMT.
USD/SGD targets a decline to 1.2530
“We are short the retest of the trendline near 1.265 after Monday's clear daily close below it gave us the signal to sell a rally,” said IFRMarkets analysts, adding: “We target a decline to long term trendline support near 1.2530 and have our stop comfortably above the 1.27 big figure for protection.”
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at mentioned NY session/Monday's 5-week lows 1.2584/80, followed by July 12/17 lows at 1.2572/63, and August 12 3-month lows at 1.2553. To the upside, closest resistance shows at recent session highs 1.2611, followed by yesterday's highs/Sept 12 lows, and Friday's lows at 1.2660.
USD/SGD targets a decline to 1.2530
“We are short the retest of the trendline near 1.265 after Monday's clear daily close below it gave us the signal to sell a rally,” said IFRMarkets analysts, adding: “We target a decline to long term trendline support near 1.2530 and have our stop comfortably above the 1.27 big figure for protection.”
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at mentioned NY session/Monday's 5-week lows 1.2584/80, followed by July 12/17 lows at 1.2572/63, and August 12 3-month lows at 1.2553. To the upside, closest resistance shows at recent session highs 1.2611, followed by yesterday's highs/Sept 12 lows, and Friday's lows at 1.2660.