USD/SGD drops to 2-month low

Singapore dollar continued its uptrend in Asia amid broad based USD weakness, taking the USD/SGD pair to a 2-month low of 1.3357.

50% of the multi-year uptrend stands retracted

Pair breached 1.3399, which is the 50% Fibo retracement of the uptrend from July 2014 low to Jan 2016 high. The bid tone around SGD stayed intact today as the greenback suffered losses across the board, especially against the British Pound and Euro.

The focus now is on the Brexit polls. The pair currently trades around 1.3390 levels.

USD/SGD Technical Levels

The immediate resistance stands at 1.3399 (50% Fibo of July 2014 low-Jan 2016 high), above which prices could target 1.3443 (June 6 low). A break higher would expose 10-DMA of 1.3477. On the other hand, a breakdown of support at 1.3446 (Apr 19 low) would open doors for a slide to 1.34 and 1.3290 (late June 2015 low).