UOB’s Quek Ser Leang notes USD/SGD remains range-bound, with intraday action expected between 1.2905 and 1.2940 as recent price moves provided no fresh directional clues. Over the next one to three weeks, the bank sees mild downward pressure as having eased, projecting a broader 1.2890–1.2990 range. On a one to three month horizon, a break above 1.3000 could target 1.3095.
Dollar seen consolidating in ranges
“24-HOUR VIEW: We noted “a slight increase in upward momentum,” but we pointed out that “it is insufficient to indicate a continued rise in USD.” We indicated that USD “is more likely to trade in a higher range of 1.2920/1.2960.” However, USD traded in a quiet manner between 1.2914 and 1.2938. The price action provides no fresh clues, and USD is likely to trade between 1.2905 and 1.2940 today.”
“1-3 WEEKS VIEW: Our update from yesterday (09 Jul, spot at 1.2940) remains valid. As highlighted, the recent “mild downward pressure has eased,” and USD “is likely to trade in a range between 1.2890 and 1.2990.””
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
