The USD/SGD pair revisits the 1.3313/07 June 2016 and 2018 lows as the current December low was made at 1.3308. Below this area lies the January-to-March 2018 lows at 1.3053/09, per Commerzbank.
Key quotes
“USD/SGD’s descent has taken it to its current December low at 1.3308, to the June 2016, September 2017 and June 2018 lows and February 2018 high at 1.3346/07. Failure at 1.3307 on a daily chart closing basis would lead to the January-to-March 2018 lows at 1.3053/09 being next in line.”
“Minor resistance sits at the 1.3420 current December high. Good resistance above the next higher 1.3513 November 11 high can be spotted between the early September low, 55-day moving average and the October low at 1.3526/59.”
“Overall, downside pressure should be maintained while the cross remains below the November high at 1.3714.”
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