USD/SGD Rebound Risks on the Table as Bearish Momentum Fades

OCBC analysts Sim Moh Siong and Christopher Wong assessed the decline risks of the Singapore Dollar against the US Dollar, noting that the pair last traded near 1.28 with bearish momentum starting to wane.

The analysts highlighted potential technical rebound risks, citing key resistance levels around 1.2830/40 and 1.2870/90, as well as support near 1.2770 and 1.2740.

The pair's recent decline was attributed to post-payroll dynamics, but the analysts noted that bearish momentum is fading, with the Relative Strength Index (RSI) showing signs of turning higher from near oversold conditions.