USD/SGD Analysis Today 11/02: Tight Range Holds (Chart)

(MENAFN- Daily Forex) The USD/SGD is within the higher elements of its near-term range as financial institutions try to navigate nervous outlooks as noise continues to be delivered from afar and effects the currency pair.

The USD/SGD reached a high of nearly 1.35780 in early trading this morning, since then the currency pair has seen some selling and at the time of this writing is close to 1.35510. The USD/SGD is within the higher elements of its weekly range. After hitting a low of almost 1.34600 last Wednesday the currency pair seen a few volatile days.

Traders need to understand that the current bursts within the USD/SGD correlates to the broad Forex market. Financial institutions have a rather unclear outlook. However, the noise being generated by President Trump regarding the potential of tariffs and trade negotiations is not about to go away. Also the U.S Federal Reserve is in a rather burdensome position as they deal with concerns about stubborn inflation, and a President who wants them to lower the Federal Funds borrowing rates – which conflicts.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money USD/SGD Near-Term Considerations as Shadows Lurk

The USD/SGD has seen incremental buying the past few days. The ability to climb to the 1.35780 mark this morning did not challenge the spike higher seen on Friday when the USD/SGD touched the 1.35875 ratio momentarily, but it did flirt with the other highs on that day. Amidst the nervous conditions the 1.35500 may act as a barometer today. If trading can be sustained below this level and challenge yesterday's lows around 1.35250 that would be a good signal for bearish traders. But it also may spark attempts at speculative buying seeking reversals.

While fundamentals are under a shadow of doubt being created by economic policy which still has to jump hurdles via loud dialogue between the U.S and nations that Trump is eyeing, the USD/SGD may remain locked within a technical volatile battlefield. Tomorrow the U.S will release CPI data and typically the inflation statistics do have an effect on Forex, but the reported numbers may only get a flicker of attention. It is uneasy sentiment which is driving Forex and the USD/SGD Levels as Targets and Resistance as an Advantage

The nervousness which is driving Forex for the moment is strong. But speculators may be able to use resistance levels that are perceived as places that financial institutions believe will result in pushbacks. In other words the USD/SGD above the 1.35600 level may be considered too high by many large players.

• While this ratio may continue to see tests occasionally, it might also be a spot where enough financial institutions believe they can sell the USD/SGD via their forward outlooks.
• Down below, support near the 1.35200 level should be watched. Traders may want to target the 1.35000 ratio, but that might be a touchstone too far near-term.

EURUSD Chart by TradingViewSingapore Dollar Short Term Outlook:

Current Resistance: 1.35570

Current Support: 1.35470

High Target: 1.35630

Low Target: 1.35250

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