(MENAFN- Daily Forex) The USD/SGD is near the 1.30085 mark as of this writing, this as financial institutions have proven rather tranquil regarding the reopening of the U.S government per the passage of legislation late in the night.

At this time last week the USD/SGD was around the 1.30085 mark, as of this writing the currency pair is traversing the same vicinity. The U.S government shutdown ended last night, and financial institutions thus far have not reacted with volatility but that could change as trends develop. Perhaps because Forex markets had already priced in the signed U.S spending bill earlier this week upon rumors Congress was ready to agree, the USD/SGD has traded tranquilly.

Yesterday's highs around 1.30450 did not move above last Friday's apex ratios near 1.30560. The move higher that was seen for a couple of hours yesterday ran out of steam and this morning's values are retesting Wednesday's lows. This may be a signal financial institutions are leaning into notions that the USD/SGD can move lower over the near-term Shifts and Cautious Attitudes

While the USD/SGD essentially trades near values it moved within at this time last week, the fact that the U.S government is open now is one less thing to worry about for investors. The U.S Federal Reserve will begin to become a talking point over the next few days and weeks as financial institutions wait for the FOMC rate announcement on the 10th of December.

The outlook for the Fed's interest rate decision is murky. The U.S government shutdown did not help. The lack of official U.S economic data regarding jobs, inflation and GDP caused a lack of clarity per the Fed's rhetoric on the 29th of October when they cut the Federal Funds Rate by 25 basis points, but said at the same time their rate forecast for December is uncertain. And thus, the USD/SGD is trading in the same sphere it traded last week and speculators need to decide what financial institutions are considering per their mid-term cash forward viewpoints which effect the short-term.

EURUSD Chart by TradingViewConsideration of Lower Depths and Wagering

While it might be tempting to believe financial institutions will embrace an optimistic attitude and that risk appetite will become stronger, speculators should be careful if they are trying to trade ahead of the coming momentum that large players could create.

The USD/SGD does look high via one, three and six month charts, but this is not a guarantee the currency pair will start to move lower instantly.
While it may make sense to believe mid-term outlooks should be bearish regarding the USD/SGD, the short and near-term could remain choppy.
Wagering on downside by conservative traders should be done perhaps using technically perceived resistance levels as trigger points to sell the currency pair.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Singapore Dollar Short Term Outlook:

Current Resistance: 1.30190

Current Support: 1.30010

High Target: 1.30280

Low Target: 1.29870

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