USD/SGD rebounded to near 1.31 overnight before partially erasing the move, OCBC FX strategists Frances Cheung and Christopher Wong note.

Rebound may have stalled for now

“Pair was last at 1.3070 levels. Daily momentum turned is bullish while RSI is flat. Rebound may have stalled for now.”

“Resistance at 1.3110 (21 DMA), 1.3160 levels (23.6% fibo retracement of 2024 high to low). Support at 1.3050, 1.30 (recent low). S$NEER was last estimated at ~1.87% above our model-implied mid.”