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According to Axel Rudolph, senior analyst at Commerzbank, the outlook for USD/SGD pair remains bearish and they are still looking for a retest of the early December 2017 and January 2019 lows at 1.3443/20 and the January 10 2018 high at 1.3370.

Key Quotes

“The September 2017 low at 1.3346 as well as the June 2016 and 2018 lows at 1.3313/07 also all continue to be in the frame for the weeks and months ahead.”

“Minor resistance comes in at the 1.3554 February 22 high and more significant resistance at the 1.3606/17 August and September lows as well as the January and current February highs.”

“Above the latter zone further resistance remains to be seen between the 200 day moving average and the early January high at 1.3645/80. While this area caps, we will retain our bearish medium-term forecast. Still further resistance sits at the 1.3775 December high.”