USD/SGD Forecast Today - 16/07: USD Recovers Vs SGD (Chart)

(MENAFN- Daily Forex)

• It's becoming increasingly obvious to me that the 1.34 level is an area that's going to be very important when it comes to the Singapore dollar.
• The US dollar has recently gotten hammered against the Singapore dollar, but now it looks like we are trying to fight back a bit.
• I am seeing a little bit of US dollar strength across the board against various currencies, but I'm also seeing a lot of back and forth and indecisive short-term momentum.
• Because of this, I think this might be an interesting pair to trade simply because it does not have the type of momentum that a lot of other pairs do. In other words, you can take your time and let the trade play out.

Asian Currencies

The Asian currencies around the world continue to suffer from a longer-term standpoint, but it is a little bit different in the realm of the Singapore dollar, due to the fact that the Singapore dollar is also considered to be a bit of a safety currency in Asia. After all, Singapore is a major currency when it comes the funding construction projects in the Asian region, so if there is a push into massive growth, sometimes the Singapore dollar will be a major beneficiary.

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Interest rates between Singapore in the United States still favor the US dollar, but it's not as strong as it once was. Because of this, think it's a situation where we have a scenario where the market is just simply oversold, and I think we are trying to get past that. However, if we were to break down below the 1.34 level, then it's likely that the US dollar is going to continue to go much lower, perhaps down to the 1.3350 level.

The only thing that I think you can count on is that the market is going to continue to be very noisy and choppy, so therefore you have to look at this through the perspective of somebody who is going to have to be very cautious.

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