USD/SGD: Rebound underway – OCBC

“USD/SGD rebounded. Pair was last at 1.2863, OCBC FX strategists Frances Cheung and Christopher Wong note.

Mild bearish momentum on daily chart fades

“Mild bearish momentum on daily chart faded while RSI rose from near oversold conditions. Near rebound risks likely to play out but broader trend remains skewed to the downside.”

“Resistance at 1.29, 1.30 levels. Support at 1.28, 1.2740 levels (76.4% fibo retracement of 2012 low to 2020 high). S$NEER was last estimated at ~1.96% above our model-implied mid.”