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12 Aug 2013
USD/SGD struggling to overcome the 1.26 handle
FXstreet.com (Barcelona) - The USD/SGD foreign exchange rate is last trading at 1.2595 bids, off recent session and fresh almost 1-month lows at 1.2553 printed in early interbank pre opening session.
USD/SGD bouncing on profit taking
As Catherine Tan from DowJones reports, the USD/SGD pair has rebounded “on profit taking, SGD/MYR selling,” on “failure to test 1.2550 despite better than expected Q2 GDP,” which triggered profit taking from Friday's short positions. Tan points to the “strong intraday resistance” found at 1.2650.
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at July 22 lows 1.2587, followed by July 12/17 lows at 1.2572/65, while to the upside, closest resistance lies at July 29 lows 1.2619, followed by July 02 lows at 1.2626.
USD/SGD bouncing on profit taking
As Catherine Tan from DowJones reports, the USD/SGD pair has rebounded “on profit taking, SGD/MYR selling,” on “failure to test 1.2550 despite better than expected Q2 GDP,” which triggered profit taking from Friday's short positions. Tan points to the “strong intraday resistance” found at 1.2650.
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at July 22 lows 1.2587, followed by July 12/17 lows at 1.2572/65, while to the upside, closest resistance lies at July 29 lows 1.2619, followed by July 02 lows at 1.2626.