FxNews—The Greenback is in a robust uptrend against the Singapore dollar at approximately 1.337, gaining 0.28 percent in today’s trading session. Strong buying pressure drove the Stochastic oscillator into overbought territory, signaling that the U.S. dollar is overpriced.
Therefore, the USD/SGD pair is anticipated to start a new consolidation phase, which could cause the price to dip and test the lower support levels.
USDSGD Forecast – 12-November-2024
The immediate support is at 1.332. From a technical perspective, the USD/SGD can potentially erase some of its recent losses if sellers push the price below the immediate support. If this scenario unfolds, the consolidation phase could extend to the October 29 high at 1.326.
It is worth mentioning that the 1.326 offers a low-risk and decent bid to join the uptrend. Therefore, we suggest traders and investors monitor this level closely.
- Next read: Watch USDMXN for a Potential Rise to 20.81
Please note that the bullish outlook should be invalidated if the USD/SGD value falls below 1.32 (the November 4 Low).
- Support: 1.332 / 1.326 / 1.320
- Resistance: 1.342