USD/SGD: To consolidate further – OCBC

USD/SGD traded a subdued range. Pair was last seen at 1.3466, OCBC’s FX analyst Christopher Wong notes.

Slight bias to downside

“Mild bearish momentum on daily chart intact while RSI fell. Consolidation likely with slight bias to the downside. Support at 1.3340 (200 DMA, 23.6% fibo), 1.33, 1.3240 (32.8% fibo retracement of Sep low to Nov high). Resistance at 1.3490 levels.”

“Pair should continue to take directional cues from USD and CNY fix in absence of key data. Next set of SG data is NODX (17 Dec) and CPI (23 Dec). S$NEER strengthened; last at 1.1% above model-implied mid.”