According to United Overseas Bank’s (UOB) Quek Ser Leang, the USD/SGD currency pair has lost its recent upside momentum after briefly breaching the support level at 1.2925, shifting the short-term bias to neutral [1]. In the immediate term, UOB expects the pair to trade within a narrow range of 1.2920 to 1.2950, following a recent low of 1.2922 that did not result in increased downward momentum [1].
For the next one to three weeks, UOB projects a broader trading range between 1.2870 and 1.2970, revising its previous positive outlook on the US dollar after the breach of the 1.2925 support level [1]. The bank notes that unless the USD builds on its gains soon, the recent high of 1.2991 could mark the extent of the current USD strength against the Singapore dollar [1].
Despite the neutral short-term outlook, UOB highlights that strong weekly momentum still favors a potential push above the 1.3000 level, with an eventual move toward 1.3095 possible in the longer term [1]. No immediate market reactions or significant volatility were reported in the article, and no analyst opinions beyond UOB’s were cited [1].
CONCLUSION
The USD/SGD pair has shifted to a neutral stance in the short term, with UOB expecting range-bound trading following a loss of upward momentum. While the immediate outlook is neutral, longer-term technicals suggest the possibility of renewed USD strength if momentum returns.