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6 Aug 2013
USD/SGD weakening below daily close at 1.27
FXstreet.com (Barcelona) - The USD/SGD foreign exchange rate is last trading at 1.2671, off recent session lows at 1.2655, a -0.36% lower for the week so far, on the back of broad USD weakness.
USD/SGD weakness could retain into this week
Analysts at IFRMarkets had been warning recently of the importance the pair closed in NY above the 1.27 handle in order to stay bullish mid to short term, so today's close below it adds to the weakness in the pair. “The Singapore dollar strengthened Monday amid broad dollar weakness induced by disappointing U.S. jobs data last week, and analysts say the local currency could retain its strength this week,” said Chun Han Wong at Down Jones.
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at recent session/weekly lows at 1.2655, followed by July 02 at 1.2628, and June 27/28-July26/29 lows at 1.2618. To the upside, closest resistance shows at July 15 highs 1.2686, followed by July 19/NY session highs at 1.2711, and yesterday's weekly highs at 1.2739.
USD/SGD weakness could retain into this week
Analysts at IFRMarkets had been warning recently of the importance the pair closed in NY above the 1.27 handle in order to stay bullish mid to short term, so today's close below it adds to the weakness in the pair. “The Singapore dollar strengthened Monday amid broad dollar weakness induced by disappointing U.S. jobs data last week, and analysts say the local currency could retain its strength this week,” said Chun Han Wong at Down Jones.
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at recent session/weekly lows at 1.2655, followed by July 02 at 1.2628, and June 27/28-July26/29 lows at 1.2618. To the upside, closest resistance shows at July 15 highs 1.2686, followed by July 19/NY session highs at 1.2711, and yesterday's weekly highs at 1.2739.