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Forex: USD/SGD breaks to fresh 8-week lows under 1.2600

Ramon Ramirez

By Ramon Ramirez
in Fundamental Analysis

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Ramon Ramirez Newbie

Ramon Ramirez

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FXstreet.com (Barcelona) - USD/SGD is currently dealing with fresh 8-week lows at 1.2577 bids, -0.57% lower from previous Asia-Pacific open yesterday, and about the same for the week, amid a USD mild sell-off across the board at the moment.

According to Catherine.Tan from IFR Markets: “USD/SGD to continue towards the 1.2585 61.8% fibo support”, the analyst says, adding: “USD/SGD will likely extend fall to 1.2545 (15 May low) on breach below 1.2585.” The RSI in dailys already reads 33.

Immediate support to the downside shows at April 11 lows 1.2562, followed by May 09 highs at 1.2548, and April 19 highs/May 15 lows at 1.2535/41. For the upside, closest resistance comes at July 03/05/11 lows at 1.2608, followed by May 17 lows at 1.2627, and Friday's lows at 1.2633.

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