Singapore Dollar: Downside bias within established range against US Dollar – UOB

UOB’s Quek Ser Leang and Lee Sue Ann note that USD/SGD opened stronger after a quiet prior session, with upward momentum tentatively building but still facing resistance around 1.2945–1.2955. For the next 1–3 weeks, they keep its view that USD/SGD will trade between 1.2890 and 1.2990. On a 1–3 month horizon, a break above 1.3000 could target the November 2025 high at 1.3095.

Range bias with upside levels

"24-HOUR VIEW: USD traded in a quiet manner last Thursday. On Friday, we stated that “the price action provides no fresh clues, and USD is likely to trade between 1.2905 and 1.2940.” USD then traded between 1.2896 and 1.2925. USD closed marginally lower by 0.01% at 1.2920, but it opened on a strong note today. Upward momentum is tentatively building, and the bias for USD today is tilted to the upside. However, it is unclear for now whether there is sufficient momentum for a break above 1.2955 (there is another resistance level at 1.2945). On the downside, support levels are at 1.2920 and 1.2910"

"1-3 WEEKS VIEW: We have expected USD to in a range between 1.2890 and 1.2990 since early this month. Last Tuesday (07 Jul, spot at 1.2915), we indicated that “the risk of USD breaking below 1.2890 is increasing.” After USD subsequently rebounded, we highlighted on Thursday (09 Jul, spot at 1.2940) that the recent “mild downward pressure has eased,” and USD “is likely to trade in a range between 1.2890 and 1.2990.” Our view remains unchanged."