USD/SGD: Price pattern resembles a rising wedge – OCBC

FXStreetJan 31, 2025 11:34 AM

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USD/SGD was a touch firmer as Trump’s tariff threats ahead of 1 Feb deadline undermined sentiments. Pair was last seen at 1.3540, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Bearish momentum seems to be fading

"Bearish momentum shows signs of fading while RSI rose. Rebound risks likely but price pattern resembles a rising wedge (which can be associated with a bearish reversal). Resistance here around 1.3520/40 levels (50 DMA, 23.6% fibo retracement of Sep low to Jan high), 1.36 (21 DMA). Support at 1.3480, 1.3440 levels."

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