Crypto
USD/SGD Upside Capped by Resistance at 1.2850: UOB
USD/SGD has shown modest gains, closing at 1.2835 after testing both 1.2800 and 1.2840. According to UOB's Quek Ser Leang and Lee Sue Ann, short-term momentum now favors a mild upside, but strong resistance is expected at 1.2850.
The analysts note that while the recent price action has softened somewhat, any decline in USD is unlikely to reach 1.2790, which they consider significant support.
In their 24-hour view, Quek and Lee say that USD could edge higher but may not break through the resistance at 1.2850. A break below 1.2820 would indicate easing upward pressure.
On a 1-3 week horizon, they still see downside risk if USD breaks and holds below 1.2790 before further declines are likely.