USD/SGD: Heavy bias – OCBC

USD/SGD continued to trade lower, tracking the broad decline in USD, rebound in RMB and JPY. Pair was last at 1.2811, OCBC FX analysts Frances Cheung and Christopher Wong note.  

Broader trend remains skewed to the downside

“Daily momentum is turning mild bearish while RSI is near oversold conditions. We remain cautious of near term rebound risks but broader trend remains skewed to the downside.”

“Support at 1.28, 1.2740 levels (76.4% fibo retracement of 2012 low to 2020 high). Resistance at 1.29, 1.30 levels. S$NEER was last estimated at ~1.95% above our model-implied mid.”