USD/SGD: Slight risk to the upside – OCBC

USD/SGD inched higher, tracking moves in broad US Dollar (USD). Pair was last at 1.3380 levels, OCBC’s FX analysts Frances Cheung and Christopher Wong note.

Consolidation is likely

“Daily momentum is mild bullish while RSI rose. Consolidation likely with slight risk to the upside. Resistance here at 1.3410 levels (76.4% fibo). Support at 1.3340 (200 DMA), 1.3290 (61.8% fibo retracement of Jun high to Oct low).”

“S$NEER was last at 1.38% above model-implied mid.”