Forex: USD/SGD around 14-month lows above 1.2150
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USD/SGD
FXstreet.com (Barcelona) - USDSGD is currently dealing at 1.2177 bids, off fresh 7-week lows at 1.2170, following better than expected PMI figures Tuesday, though still below contraction levels below 50. According to market sources, there has been some chatter going on of a local bank providing USD support. The pair is lower -0.21% for the week so far.
With next relevant low just 20 pips below recent weekly lows, SGD is trading at its strongest levels since early Sept 2011, when in next 2 following weeks SGD dumped to near 2 year lows around the USDSGD 1.3180 level. It has recovered more than +8% ever since. Overall EUR/SGD strength is also helping USDSGD weakness, analysts say.
Immediate support to the downside for USDSGD lies at mentioned 14 month low 1.2150, followed by Aug 25/Sept 06 '11 highs at 1.2119, and Aug 30 '11 highs at 1.2086. To the upside, nearest term resistance shows at past week's lows and yesterday's high 1.2199, followed by Friday's highs at 1.2220, and Nov 28 highs at 1.2244.
With next relevant low just 20 pips below recent weekly lows, SGD is trading at its strongest levels since early Sept 2011, when in next 2 following weeks SGD dumped to near 2 year lows around the USDSGD 1.3180 level. It has recovered more than +8% ever since. Overall EUR/SGD strength is also helping USDSGD weakness, analysts say.
Immediate support to the downside for USDSGD lies at mentioned 14 month low 1.2150, followed by Aug 25/Sept 06 '11 highs at 1.2119, and Aug 30 '11 highs at 1.2086. To the upside, nearest term resistance shows at past week's lows and yesterday's high 1.2199, followed by Friday's highs at 1.2220, and Nov 28 highs at 1.2244.
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