USD/SGD: Approaching triple-top – OCBC

USD/SGD continued to trade near recent highs. The pair was last at 1.3504, OCBC’s FX analysts Frances Cheung and Christopher Wong note.

Consolidation likely near term

“Mild bearish momentum on daily chart faded but rise in RSI shows signs of fading. Consolidation likely. Immediate resistance here at 1.3520 levels (triple top). Support at 1.3340 (200 DMA, 23.6% fibo retracement of Sep low to Nov high), 1.3310 (50 DMA).”

“Pair should continue to take directional cues from USD and CNY moves ahead of FOMC event risk later this week. S$NEER was last at 0.83% above model implied mid.”