USD/SGD: Triple-top busted – OCBC

USD/SGD rose another leg higher, as USD strength post-FOMC overwhelmed. Pair was last seen trading at 1.3615, OCBC’s FX analysts Frances Cheung and Christopher Wong note.

Near term pullback move lower is possible

“Daily momentum turned bullish while RSI rose into overbought conditions. Not ruling out pullback move lower in the near term but dips may still find support. Resistance at 1.3620, 1.3670 levels. Support at 1.3510, 1.3460 (21 DMA).”

“S$NEER weakened with our S$NEER index now closer to May-2024 levels. % deviation from model-implied mid has also ease to around 0.64%.”