USD/SGD Analysis Today 17/07: Near-Term Highs (Chart)

(MENAFN- Daily Forex) The USD/SGD is around the 1.28595 ratio as of this writing, this as the currency pair traverses values seen quite a bit a month before. The reversal back to a higher mid-term landscape for the SGD/USD correlates to the broad market.

Near-term highs in the USD/SGD are around the 1.28595 ratio and testing values seen frequently in June. Yes, the USD/SGD did flirt with lows in the last week of June and early July around the 1.27000 vicinity, and the currency pair certainly is still well within the lower framework of its long-term technical charts.

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Current price action in the USD/SGD is a good study area for day traders new to Forex. USD centric weakness which has been abundant since the first week of April throughout the broad Forex markets certainly helped the Singapore Dollar become stronger. Also a rather tranquil response by financial institutions regarding the implications of President Trump's tariff policy has helped grease the wheels for USD/SGD selling over the mid-term/SGD Reverses Upwards as Sentiment Shifts

But since the 1st of July via technical charts, the USD/SGD has traded higher, this after falling below the 1.27000 level momentarily. However, the rise in the USD/SGD also correlates to broad Forex trading. Sentiment is clearly being tested as financial institutions likely have started to conclude selling of the USD had become too strong. So what does a day trader do now as the USD/SGD is flirting with mid-term resistance levels?

The values of the USD/SGD around the 1.28590 level are still low ground. A look at technical charts via three and six months clearly shows the USD/SGD still within lower realms. Looking for upside to continue may feel correct to day traders, but they should not get over confident about their targets. Concerns remain regarding U.S tariffs and how trade agreements will develop. And there are questions about the U.S Federal Reserve too regarding interest rates Optimism Likely a Component of the USD/SGD

However, speculators need to remember that large players and financial institutions are probably still leaning into a cautious optimism. This means that although the USD/SGD is testing higher grounds that at when stronger values are generated reversals lower will be produced too.

• The potential that the short and near-term may simply produce choppy trading which tries to find an equilibrium within a swirling Forex market seems to be a logical conclusion.
• Day traders need to remain alert and judge their technical perspectives technically while also looking a bit forward.
• U.S Retail Sales figures will be released later today, if the numbers come in better than expected this could fuel some momentary volatility in the USD/SGD.
• Risk taking tactics today and tomorrow should be done without over confident targets that are too distant.

Singapore Dollar Short Term Outlook:

Current Resistance: 1.28625

Current Support: 1.28540

High Target: 1.28750

Low Target: 1.28480

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