USD/SGD Stalls After Six-Day Rally, Holds Near 1.2950 – UOB
UOB analysts note that USD/SGD has stalled after a six-day advance, easing to 1.2950 before closing near that level, suggesting a range-bound phase.
According to UOB analysts Quek Ser Leang and Lee Sue Ann, the Singapore dollar has paused its recent decline against the US dollar, with USD/SGD stalling after a six-day advance. The pair eased to 1.2950 before closing near that level, indicating a possible consolidation phase.
The analysts note that the move higher has lost momentum, and the pair is now likely to trade in a range. They suggest that the immediate bias is neutral, as the pair fails to extend gains beyond recent highs.
No specific breakout levels or targets were provided in the report. The stance remains cautious, as the market awaits fresh catalysts to determine the next directional move.
Source: FXStreet Forex News