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16 Aug 2013
USD/SGD unable to hold above 1.2700
FXstreet.com (Barcelona) - The USD/SGD foreign exchange rate is last trading at 1.2685 bids, slightly lower than yesterday's Asian open price, although still up for the week thus far, despite massive retrace from early NY fresh 2-week highs at 1.2757 following better than expected US jobless claims.
USD/SGD still slightly bullish
“USD/SGD still has a slight bullish bias despite broad greenback weakness,” said Ewen Chew at DowJones, adding: “The USD/SGD remains above the daily Ichimoku Cloud - a mild bullish signal - even though the pair spiked and then reversed as sharply overnight. The daily Bollinger uptrend channel that begins at 1.2708 could lend a stronger buy signal to the pair.”
USD/SGD key technical levels
Immediate resistance to the upside for USD/SGD shows at recent session/July 24-25 highs 1.2701, followed by Wednesday's highs at 1.2725, and August 05 highs at 1.2739.To the downside, closest support lies at recent session lows 1.2674, followed by August 06 lows at 1.2665, and Tuesday's lows at 1.2616.
USD/SGD still slightly bullish
“USD/SGD still has a slight bullish bias despite broad greenback weakness,” said Ewen Chew at DowJones, adding: “The USD/SGD remains above the daily Ichimoku Cloud - a mild bullish signal - even though the pair spiked and then reversed as sharply overnight. The daily Bollinger uptrend channel that begins at 1.2708 could lend a stronger buy signal to the pair.”
USD/SGD key technical levels
Immediate resistance to the upside for USD/SGD shows at recent session/July 24-25 highs 1.2701, followed by Wednesday's highs at 1.2725, and August 05 highs at 1.2739.To the downside, closest support lies at recent session lows 1.2674, followed by August 06 lows at 1.2665, and Tuesday's lows at 1.2616.