31 Jul 2013
USD/SGD runs to fresh 2-week highs above 1.27
FXstreet.com (Barcelona) - The USD/SGD foreign exchange rate is last quoted at 1.2726, off recent session and fresh 2-week highs at 1.2732, a +0.68% higher for the week so far ahead of US advance GDP data later on at 12:30 GMT among others included FOMC at 18:00 GMT.
USD/SGD may accelerate higher while above 1.27
According to IFR Markets analyst Catherine Tan, real money is behind the move higher in USD/SGD, “likely to see further squeeze towards 1.2748 before another round of profit taking kicks in,” Tan added. Analysts expect a daily close above 1.27 might see an acceleration higher, with targets at the June 2012 highs below 1.30.
USD/SGD key technical levels
Immediate resistance to the upside for USD/SGD shows at recent session highs/June 24 Asian session lows 1.2735, followed by July 09 lows at 1.2756, and June 26 highs at 1.2785. To the downside, closest support lies at July 19 highs 1.2711, followed by July 24/25 highs at 1.2702, and recent session lows at 1.2694.
USD/SGD may accelerate higher while above 1.27
According to IFR Markets analyst Catherine Tan, real money is behind the move higher in USD/SGD, “likely to see further squeeze towards 1.2748 before another round of profit taking kicks in,” Tan added. Analysts expect a daily close above 1.27 might see an acceleration higher, with targets at the June 2012 highs below 1.30.
USD/SGD key technical levels
Immediate resistance to the upside for USD/SGD shows at recent session highs/June 24 Asian session lows 1.2735, followed by July 09 lows at 1.2756, and June 26 highs at 1.2785. To the downside, closest support lies at July 19 highs 1.2711, followed by July 24/25 highs at 1.2702, and recent session lows at 1.2694.