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14 Aug 2013
USD/SGD knocking on 1.2700 doors
FXstreet.com (Barcelona) - The USD/SGD foreign exchange rate is last trading at 1.2686 bids, off recent session/weekly highs printed at 1.2698, reportedly after triggering stops above 1.2685 and 1.2690
USD/SGD higher hitting some stops
“Techs and model funds touted buyers, more stops cited above 1.2700,” said Catherine Tan at IFRMarkets, suggesting a break above 1.2700 would “pave the way for 1.2737,” August 05 high. “Markets unfazed by lower POBC fix at 6.1720 vs exp for around 6.1750,” Tan added.
USD/SGD key technical levels
Immediate resistance to the upside for USD/SGD shows at recent session/August 06-07 highs 1.2698, followed by August 05 NY session highs at 1.2711, while to the downside, closest support lies at recent session/August 05-06-07 lows 1.2658/55, followed by Friday's highs/yesterday's lows at 1.2621/16.
USD/SGD higher hitting some stops
“Techs and model funds touted buyers, more stops cited above 1.2700,” said Catherine Tan at IFRMarkets, suggesting a break above 1.2700 would “pave the way for 1.2737,” August 05 high. “Markets unfazed by lower POBC fix at 6.1720 vs exp for around 6.1750,” Tan added.
USD/SGD key technical levels
Immediate resistance to the upside for USD/SGD shows at recent session/August 06-07 highs 1.2698, followed by August 05 NY session highs at 1.2711, while to the downside, closest support lies at recent session/August 05-06-07 lows 1.2658/55, followed by Friday's highs/yesterday's lows at 1.2621/16.