USD/SGD: Retracement underway – OCBC

USD/SGD fell in early trade this morning, tracking the broad USD pullback. Pair was last seen at 1.3464, OCBC’s FX analysts Frances Cheung and Christopher Wong note.

Technical patterns suggest signs of bearish pullback

“Mild bullish momentum on daily chart continues to fade while RSI turned lower. Bearish divergence on MACD appears to be playing out.”

“Technical patterns suggest signs of bearish pullback in the near term. Support at 1.3340 (200 DMA), 1.3290 (61.8% fibo retracement of Jun high to Oct low). Resistance at 1.3490, 1.3520 levels. S$NEER was last at 1.21% above model implied mid.”