Singapore Dollar: Short-term losses versus upside risks against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang notes USD/SGD is edging higher after a period of tight consolidation, with intraday upside seen as limited below nearby resistance. While short-term momentum has turned up, the bank still flags increased risk of a break under 1.2890 on a 1–3 week horizon, even as longer-term weekly signals point to potential strength toward 1.3095.
Upward bias capped below resistance
"24-HOUR VIEW: While we noted yesterday that “there has been a slight increase in downward momentum,” we pointed out that “this is likely to lead to USD trading in a lower range of 1.2900/1.2935 rather than a sustained decline.” USD then traded between 1.2906 and 1.2934, closing largely unchanged at 1.2929 (+0.04%). This time around, there has been a slight increase in upward momentum. Today, USD could edge higher, but it is unlikely to break above 1.2955. Note that there is another resistance at 1.2940. Support is at 1.2920 and 1.2910."
"1-3 WEEKS VIEW: After expecting USD to trade in a range for about a week, we highlighted yesterday (07 Jul, spot at 1.2915) that “downward momentum has ticked up, and the risk of USD breaking below 1.2890 is increasing.” We added, “a breach of 1.2955 (‘strong resistance’ level) would indicate that USD is likely to continue to trade in a range.” There is no change in our view"
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Anthropic has been profitable for two consecutive quarters ahead of its IPO
Anthropic has achieved positive adjusted operating profit for two consecutive quarters, with Q2 revenue surging 14-fold year-on-year to $11.5 billion and annualized revenue reaching $65 billion. The gross margin exceeds 80%. The company has chosen to list on Nasdaq, with a potential valuation of up to $2 trillion. Dramatically, the CEO has made a rare call to slow down AI development just before the IPO. Analysts believe that balancing safety concerns with commercial competition will become the core challenge.
Anthropic signs $13.7 billion computing power agreement with "Trump-linked company" Rum Group
Anthropic has signed a $13.7 billion, six-year computing power agreement with Rum Group. The core of the agreement is a data center under construction in Georgia. Rum Group was formerly the conservative video platform Rumble, whose early investors include current U.S. Vice President Vance.
Will the midterm elections cause the US stock market to crash? 75 years of history give an unexpected answer
Currently, with less than eight weeks until the midterm elections, one of the greatest uncertainties facing Wall Street is imminent. But will the reshuffling of power in Congress lead to a stock market crash? Looking back over 75 years of history, the answer is surprising, and ultimately leans toward optimism.
Crypto prices
More
