30 Aug 2013
USD/SGD building the case for a double top while below 1.28
FXstreet.com (Barcelona) - The USD/SGD foreign exchange rate is last trading little changed from yesterday's Asia-Pacific open at 1.2763, capped below the 1.28 handle, previous support between the two recent multi-month highs above 1.2850 printed last Tuesday and Thursday past week.
USD/SGD pressured on month end selling
“USD/SGD stayed heavy on month end selling, unwinding of EM proxy trades,” said IFRMarkets analyst Catherine Tan, adding: “Improved risk appetite on easing fears over attack on Syria weighed on USD/AXJ.” According to Tan there is strong support seen at the 1.2730 level for intraday trading ahead of the 3-day weekend in the US.
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at recent session/yesterday's double weekly low 1.2737, followed by August 21 lows at 1.2729, and August 16 lows at 1.2673. To the upside, closest resistance lies at recent session highs 1.2777, followed by yesterday's/August 20 highs at 1.2794/1.2801, and Tuesday's weekly highs at 1.2856.
USD/SGD pressured on month end selling
“USD/SGD stayed heavy on month end selling, unwinding of EM proxy trades,” said IFRMarkets analyst Catherine Tan, adding: “Improved risk appetite on easing fears over attack on Syria weighed on USD/AXJ.” According to Tan there is strong support seen at the 1.2730 level for intraday trading ahead of the 3-day weekend in the US.
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at recent session/yesterday's double weekly low 1.2737, followed by August 21 lows at 1.2729, and August 16 lows at 1.2673. To the upside, closest resistance lies at recent session highs 1.2777, followed by yesterday's/August 20 highs at 1.2794/1.2801, and Tuesday's weekly highs at 1.2856.