USD/SGD: Further consolidation on the table – OCBC

USD/SGD firmed, tracking the move up in USD/CNH. Pair was last at 1.3435, OCBC’s FX analysts Frances Cheung and Christopher Wong note.

Pair to continue to take directional cues from USD and CNY

“Mild bearish momentum on daily chart intact while RSI fell. Consolidation likely with slight bias to the downside. Support at 1.3340 (200 DMA, 23.6% fibo), 1.33, 1.3240 (32.8% fibo retracement of Sep low to Nov high). Resistance at 1.3460, 1.3490 levels.”

“Pair should continue to take directional cues from USD and CNY moves in absence of key data. Next set of SG data is NODX (17 Dec) and CPI (23 Dec). S$NEER was last at 1.08% above model-implied mid.”