USD/SGD faces a capped recovery as UOB strategists identify 1.2835 as a major resistance level unlikely to be breached in the near term.
UOB strategists note USD/SGD rebounded to 1.2810 but momentum is insufficient for a sustained advance, with major resistance at 1.2835 unlikely to be reached.
The USD/SGD pair climbed to 1.2810 before retreating to close at 1.2797 in recent trading. UOB strategists indicate that while upward momentum is showing signs of life, it lacks the strength required for a sustained breakout above major resistance levels.
UOB strategists maintain a cautious outlook, noting that while the pair has seen a minor rebound, it lacks the momentum to overcome significant resistance at 1.2835.