USD/SGD: Consolidation likely near term – OCBC

USD/SGD continued to inch higher, tracking broader USD strength while softer EUR and RMB spillover. Pair was last at 1.3475, OCBC’s FX analysts Frances Cheung and Christopher Wong note.

Pair to take directional cues from USD and CNY moves

“Mild bearish momentum on daily chart faded while RSI rose. Consolidation likely with slight bias to the upside. Resistance at 1.3490, 1.3520 levels. Support at 1.3340 (200 DMA, 23.6% fibo retracement of Sep low to Nov high), 1.33. Pair should continue to take directional cues from USD and CNY moves in absence of key data.”

“Next set of SG data is NODX (17 Dec) and CPI (23 Dec). S$NEER was last at 0.98% above model-implied mid.”