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USD/SGD: Pullback underway – OCBC

USD/SGD traded lower, in line with our call for pullback. Pair was last at 1.3128 levels, OCBC’s FX analyst Frances Cheung and Christopher Wong note.

Daily momentum is bullish

“Move lower came amid broad pullback in USD. Daily momentum is bullish while RSI turned lower from near overbought conditions. Further pullback likely.

“Support at 1.3020 (50 DMA), 1.2970/80 levels (23.6% fibo, 21 DMA). Resistance at 1.3140/50 levels (recent high), 1.32 levels (50% fibo retracement of Jul high to Sep low).”

“Decline in S$NEER has moderated and is now stabilizing in its range of 1.6 – 2% above model implied mid. Last estimated at 1.7% above model-implied mid.”

GBP: Four speeches from BoE's Bailey this week – ING

We've had a bullish view on EUR/GBP this year, largely because we had felt that the market was mispricing the Bank of England cycle, ING’s FX analyst Chris Turner notes.
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US Dollar broadly consolidates in calm start of week

The US Dollar (USD) opens broadly flat on Monday as three main factors provide some support for the Greenback. The first one is geopolitics,  with Israel’s Prime Minister Benjamin Netanyahu vowing to step up retaliations after an Iranian drone struck
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