24 Oct 2013
USD/SGD subdued below 1.24
FXstreet.com (Chicago) - USD/SGD can’t resist bearish pressure and extends the downward channel that started last month after the FOMC and Fed’s monetary decision on bond-buying program.
Combination of factors
A few days after the release of a stronger GDP for Q3 in Singapore at 5.1% vs. expected 3.8%, combined with the weakening of the dollar on speculations about the Fed’s tapering until next spring 2014, market participants seem to remain bearish about the pair. Later today, housing and job market data is expected in the US.
USD/SGD Technical Levels
Technically speaking, the pair extends the bearish channel and is offered around 5-month lows. At 1.2379, the pair oscillates between the supports aligned at 1.2335 (session lows), 1.23 (May 6th lows) and 1.2267 (May 9th lows) and the resistances set at 1.2420 (October 17th lows), 1.24 (October 15th lows) followed by 1.2469 (October 18th lows).
Combination of factors
A few days after the release of a stronger GDP for Q3 in Singapore at 5.1% vs. expected 3.8%, combined with the weakening of the dollar on speculations about the Fed’s tapering until next spring 2014, market participants seem to remain bearish about the pair. Later today, housing and job market data is expected in the US.
USD/SGD Technical Levels
Technically speaking, the pair extends the bearish channel and is offered around 5-month lows. At 1.2379, the pair oscillates between the supports aligned at 1.2335 (session lows), 1.23 (May 6th lows) and 1.2267 (May 9th lows) and the resistances set at 1.2420 (October 17th lows), 1.24 (October 15th lows) followed by 1.2469 (October 18th lows).