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12 Sep 2013
USD/SGD downside stalling so far above 1.2650
FXstreet.com (Barcelona) - The USD/SGD foreign exchange rate is last trading at 1.2665 off recent session and fresh 1-month lows at 1.2645 printed on the back of broad USD weakness, down already a -0.62% for the week thus far.
USD/SGD likely to be dragged down
“The double top pattern from 1.2860 should continue to play out in weeks to come,” said IFRMarkets analysts, adding: “Trendline support near 1.265 being tested on Thursday - a bounce is possible.” Analysts at Dow Jones also noted: “USD/SGD is likely to be dragged down by the Bollinger downtrend channel to the base of the Ichimoku Cloud at 1.2630 as the U.S. dollar falls due to the exit from safe haven assets.”
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at recent session/fresh 1-month lows 1.2645, followed by July 29 lows at 1.2618, and July 23 lows at 1.2585. To the upside, closest resistance shows at August 16 lows 1.2676, followed by Monday's lows at 1.2680, and yesterday's highs at 1.2709.
USD/SGD likely to be dragged down
“The double top pattern from 1.2860 should continue to play out in weeks to come,” said IFRMarkets analysts, adding: “Trendline support near 1.265 being tested on Thursday - a bounce is possible.” Analysts at Dow Jones also noted: “USD/SGD is likely to be dragged down by the Bollinger downtrend channel to the base of the Ichimoku Cloud at 1.2630 as the U.S. dollar falls due to the exit from safe haven assets.”
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at recent session/fresh 1-month lows 1.2645, followed by July 29 lows at 1.2618, and July 23 lows at 1.2585. To the upside, closest resistance shows at August 16 lows 1.2676, followed by Monday's lows at 1.2680, and yesterday's highs at 1.2709.