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Forex: USD/SGD around fresh 12-month lows

By FXstreet.com,  September 10, 2012, 11:34:00 PM EDT

FXstreet.com (Barcelona) - USD/SGD just broke down to fresh 2012 lows at 1.2337 bids, last at 1.2342, slightly lower from previous weekly close Friday at 1.2357. According to Catherine Tan from IFR Markets: "USD/SGD dumped on surge in EUR after bullish comment from IMF Zhu Min," the analyst says, adding: "He said the world should belief Europe will recover; strongly supp ECB bond buying."

USD/SGD is resuming the downside started by mid Aug around monthly highs at 1.2552, falling for seventh day today out of the 9 possible since then, now lowest since Sept 2011. "Intervention fears could see pair hold 1.2330-1.2370 range ahead of FOMC though," Catherine suggests. The pair is down -1.04% from previous weekly opening price past Monday, with local share markets now on the red, following US SP500 index falling -0.61% Monday in NY, and now SP futures even lower. Nikkei index is down -0.82% at its lunch break time.

Immediate support for USD/SGD to the downside shows at recent session/yesterday/1 year lows at 1.2336/2, followed by July 12 2011 highs at 1.2316, and Aug 04 2011 highs at 1.2278. For the upside, closest resistance comes at recent session highs and opening price at 1.2373, followed by Aug 06/07 lows at 1.2397, and Aug 02/23 lows at 1.2415/30.

Mark Cranfield from DJFXTrader says: "USD/SGD's downtrend hesitating ahead of one-year low. Below that line, natural support points well spaced out."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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