Our free forex signals service today looks at the USD/SGD and we have the entry, stop and take profits levels for you.
The USD/SGD pair is maintaining a bullish momentum as the Greenback gains across the board. The pair is fundamentally strong, following the trend in its peers.
Market participants anticipated the Jackson Hole symposium and ongoing concerns over COVID-19 as key factors that influenced the exchange rate of Asian currencies against the US dollar.
The DXY Dollar Index that gauges the strength or weakness of the US dollar against a basket of six major currencies has posted fresh 9-month tops. The index is maintaining the bid tone beyond mid-93.00.
Despite the growth forecast downgraded by Goldman Sachs to 5.5% in the third quarter from 9.0%, the dollar has been the king currency again.
Investor appetite for perceived riskier assets was further dampened by the consistent fluctuations in COVID-19 and expectations that the Fed would restrict bond purchases later this year.
As a result, the US dollar has become a relative safe haven, which has increased the value of the USD/SGD pair.
Since no major US economic reports are affecting the markets, some dollar bulls will be inclined to believe that the Fed will lift its stimulus measures from the pandemic era.
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However, the USD/SGD pair is still at its top, suggesting that the path of least resistance is at the top. Therefore, positioning for a rebound should be cautious.
USD/SGD free forex signals
Instrument: USD/SGD
Order Type: BUY STOP
Entry price: 1.3658
Stop Loss: 1.3625
TP1: 1.3702
Our Risk Setting: 1%
Risk / Reward Ratio: 1:1.3
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Saqib Iqbal
