USD/SGD: To consolidate near lows – OCBC

USD/SGD fell. Pair was last at 1.3030 levels, OCBC FX strategists Frances Cheung and Christopher Wong note.

Consolidation likely as markets await US jobs data

“Daily momentum is mild bullish while RSI fell. Consolidation likely as markets await US jobs data. Softer print may lead to markets further pricing in 50bp cut for the Fed at upcoming FOMC.”

“That may translate into USD softness. Support at 1.30 (recent low). Resistance at 1.31 (21 DMA), 1.3160 levels (23.6% fibo retracement of 2024 high to low). S$NEER was last estimated at ~1.89% above our model-implied mid.”