OCBC’s Christopher Wong notes USD/SGD has risen with broader USD/AXJ but the move has been milder, reflecting Singapore Dollar’s (SGD) lower beta. Wong observes fading bearish momentum and moderated RSI, suggesting two-way trade. Wong highlights nearby resistance around 1.2720–1.28 and support near 1.2650, maintaining a preference to sell rallies while acknowledging SGD’s sensitivity to external yields, Oil and sentiment.
Lower beta SGD in two-way consolidation
“USD/SGD rose, tracking broader USDAXJs higher.”
“Move reflects SGD’s lower beta characteristics but at the same time, SGD is not immune to external developments, including yields, oil and sentiments.”
“Mild bearish momentum on daily chart is fading but rise in RSI moderated.”
“2-way trades still likely. Resistance at 1.2720/40 levels (21, DMA, 61.8% fibo retracement of 2026 low to high), 1.2770”
“Support at 1.2650/60 levels (76.4% fibo), 1.2610 levels. Bias to sell rallies preferred.”
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
Source: https://www.fxstreet.com/news/singapore-dollar-consolidation-with-preference-to-sell-rallies-ocbc-202605132111
