13 Sep 2013
USD/SGD bumps on USD strength but still capped below 1.27
FXstreet.com (Barcelona) - The USD/SGD foreign exchange rate is last trading at 1.2695 off recent session highs at 1.2706 helped on USD strength, up from yesterday's fresh 1-month lows at 1.2646, although still marginally lower for the week thus far.
USD/SGD some upside likely if above 1.2700
“USD/SGD could take on a bullish tone if it ends the day above 1.2700, above the Ichimoku Cloud and out of the Bollinger downtrend channel,” said Ewen Chew at DowJones, adding: “The greenback is rising as downside momentum evaporates with traders now focusing on next week's U.S. FOMC meeting at which tapering of QE may be announced. A Friday close above 1.2700 could see USD/SGD climb toward the 20-day Bollinger mid at 1.2750, and possibly to the Bollinger uptrend channel at 1.2800.”
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at Monday's lows 1.2678, followed by Tuesday's lows at 1.2656 and mentioned fresh 1-month yesterday's lows at 1.2646. To the upside, closest resistance shows at mentioned recent session/Tuesday's/Wednesday's highs 1.2706/11, followed by Sept 04/06 lows at 1.2726, and Monday's weekly highs at 1.2760.
USD/SGD some upside likely if above 1.2700
“USD/SGD could take on a bullish tone if it ends the day above 1.2700, above the Ichimoku Cloud and out of the Bollinger downtrend channel,” said Ewen Chew at DowJones, adding: “The greenback is rising as downside momentum evaporates with traders now focusing on next week's U.S. FOMC meeting at which tapering of QE may be announced. A Friday close above 1.2700 could see USD/SGD climb toward the 20-day Bollinger mid at 1.2750, and possibly to the Bollinger uptrend channel at 1.2800.”
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at Monday's lows 1.2678, followed by Tuesday's lows at 1.2656 and mentioned fresh 1-month yesterday's lows at 1.2646. To the upside, closest resistance shows at mentioned recent session/Tuesday's/Wednesday's highs 1.2706/11, followed by Sept 04/06 lows at 1.2726, and Monday's weekly highs at 1.2760.