21 Aug 2013
USD/SGD strong above 1.2750 ahead of FOMC
FXstreet.com (Barcelona) - The USD/SGD foreign exchange rate is last trading near session highs at 1.2765 bids, limited so far below recent session highs at 1.2770 despite broad USD weakness against majors.
USD/SGD will keep long in play
According to IFRMarkets, “Tuesday saw the rally test the 1.28 level that has turned price lower several times in recent months - this is the long term 61.8% fib. Offers there have seen a retrace but while price holds above 1.27 we will keep our long in play.” IFRMarkets believes an extended rally to hit past June 2012 highs shy of the 1.30 level is the most probable scenario.
USD/SGD key technical levels
Immediate resistance to the upside for USD/SGD shows at current levels as August 02 highs 1.2772, followed by yesterday's fresh 1-month highs at 1.2801, while to the downside closest support lies at Thursday's highs 1.2757, followed by recent session lows at 1.2730.
USD/SGD will keep long in play
According to IFRMarkets, “Tuesday saw the rally test the 1.28 level that has turned price lower several times in recent months - this is the long term 61.8% fib. Offers there have seen a retrace but while price holds above 1.27 we will keep our long in play.” IFRMarkets believes an extended rally to hit past June 2012 highs shy of the 1.30 level is the most probable scenario.
USD/SGD key technical levels
Immediate resistance to the upside for USD/SGD shows at current levels as August 02 highs 1.2772, followed by yesterday's fresh 1-month highs at 1.2801, while to the downside closest support lies at Thursday's highs 1.2757, followed by recent session lows at 1.2730.