Singapore Dollar Trapped in Tight Range Against US Dollar

According to a recent update from United Overseas Bank's (UOB) analysts Quek Ser Leang and Lee Sue Ann, the Singapore Dollar has remained in a tight range against the US Dollar. On Tuesday, USD/SGD stayed largely unchanged around 1.2805.

The analysts maintain their 24-hour trading band for USD/SGD at 1.2785-1.2815, indicating downside risks over the 1-3 week horizon. A clear break below 1.2765 would be necessary to trigger a move down to 1.2740.

However, any upward momentum will be capped by resistance at 1.2840. The analysts emphasize that there has been no clear increase in either downward or upward momentum, and they continue to expect USD/SGD to trade within this narrow range.