USD/SGD Forecast Today 21/6: Noisy Behavior Ahead (Chart)
Date
6/21/2024 4:39:15 AM
(MENAFN- Daily Forex)
The US dollar has rallied rather significantly against the Singapore dollar during the trading session on Thursday, as we have used the 50-Day EMA as a bit of a springboard. At this point in time, we need to pay close attention to the resistance level above though, as the 1.3550 level has been a bit difficult to overcome. However, you should also keep in mind that the US dollar has been strong against almost everything during the session, so it does make a certain amount of sense that the Singapore dollar would continue to struggle against it. Because of this, the market is likely to continue to see a lot of noisy behavior.
Safety Versus Safety
These are both safety currencies, so you need to pay close attention to risk appetite but at the end of the day, the world prefers US dollars over Singapore dollar is when it comes to trying to find safety. Furthermore, the Swiss National Bank cut rates during the early hours of the session, and therefore it has created a little bit of a“knock on effect” in the US dollar as traders continue to focus on the fact that the Federal Reserve is likely to stay tight for the time being. This makes the US dollar much more attractive because it offers more yield than most other currencies, and the massive interest rate differential between the United States and Singapore continues to have people looking to the greenback to get paid.
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All things being equal, we are still very much in the consolidation area see you do need to be cautious about the idea of trying to get too aggressive, but ultimately, I think you have to recognize the fact that eventually we will break out of the very clearly defined 100 point range, and once we do it opens up the possibility of a bigger move. The question now is whether or not the United States dollar is going to continue to see a lot of inflows, or if fear subsides?
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