USD/SGD Analysis Today 14/01: Near 2023 Highs (Chart)

(MENAFN- Daily Forex)

• The USD/SGD is near the 1.36830 mark as of this writing. In the middle of last week and into yesterday, the USD/SGD was able to trade above the 1.37000 level.
• Current prices are challenging heights not seen since October 2023.
• Retail traders who have been betting against the trend the past few months in the USD/SGD based on the notion the currency pair has been overbought have likely run into expensive lessons.
• financial institutions clearly remain nervous about their mid-term outlooks.

After trading above the 1.37000 on Monday and then reversing lower, the USD/SGD has been able to maintain short-term depths. But speculators may want to use technical support levels that are perceived as places to look for quick hitting upside price action. It is unlikely that a sustained downwards trend is about to emerge in the USD/SGD near-term.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money U.S Data and Nervous Sentiment for Traders

The U.S will be releasing inflation data today and tomorrow via the PPI and CPI reports. Inflation will start to get plenty of attention in the days and weeks ahead as President-elect Trump takes office and begins to implement his economic policy. The Producer Price Index reports today are unlikely to cause a major reaction, unless their outcomes significantly misses estimates.

USD/SGD traders looking for a change in attitude will have to remain patient, and this may be a clue regarding near-term opportunities. The ability of the USD/SGD to challenge the 1.37000 level has been important. If the currency pair suddenly starts to show the ability to maintain values over the 1.37000 after the U.S inflation reports are digested, then there could be additional bullish activity in the USD/SGD near-term Price of the USD/SGD is Reality

Speculators are cautioned not to bet against the bullish trend simply based on bias that the USD is overvalued. Fundamentally there are complex reasons behind the nervous sentiment which has generated USD centric strength. The USD/SGD which was touching the 1.27870 ratio in late September now feels like a distant memory.

• Yes, the currency pair should begin to see downwards price momentum develop.
• However, until there is a clear path regarding Trump economic policy regarding trade with Asia and the U.S Fed sounds more dovish, retail traders should not expect financial institutions to magically become bearish regarding the USD.
• Until then choppiness is likely to prevail and technical traders may have an advantage as long as they accept the price of the USD/SGD is fair market value.

EURUSD Chart by TradingViewSingapore Dollar Short Term Outlook:

Current Resistance: 1.36940

Current Support: 1.36780

High Target: 1.37350

Low Target: 1.36590

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