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15 Jul 2013
USD/SGD limited below 1.2650
FXstreet.com (Barcelona) - The USD/SGD foreign exchange rate is last trading at 1.2645, off recent session highs at 1.2655, slightly higher from previous Friday's weekly close mostly on the back of broad USD strength.
USD/SGD higher on funds and leveraged buying
According to Catherine Tan at IFR Markets, the USD/SGD move higher has been triggered on “funds and leveraged names buying,” the analyst said, adding that “intraday specs also spooked by early MYR selling. Key China GDP data at 02:00 GMT will be next risk event ahead for the pair in order to make next move.
USD/SGD key technical levels
Immediate resistance to the upside for USD/SGD shows at current levels as July 02 lows 1.2640, followed by Friday's highs at 1.2670, and July 04 lows at 1.2701. To the downside, closest support lies at July 01 lows 1.2625, followed by recent session lows at 1.2609, and Friday's lows at 1.2570.
USD/SGD higher on funds and leveraged buying
According to Catherine Tan at IFR Markets, the USD/SGD move higher has been triggered on “funds and leveraged names buying,” the analyst said, adding that “intraday specs also spooked by early MYR selling. Key China GDP data at 02:00 GMT will be next risk event ahead for the pair in order to make next move.
USD/SGD key technical levels
Immediate resistance to the upside for USD/SGD shows at current levels as July 02 lows 1.2640, followed by Friday's highs at 1.2670, and July 04 lows at 1.2701. To the downside, closest support lies at July 01 lows 1.2625, followed by recent session lows at 1.2609, and Friday's lows at 1.2570.