USD/SGD continued to inch higher, tracking the rise in USDCNH. Pair was last seen at 1.3475, OCBC’s FX analysts Frances Cheung and Christopher Wong note.

Consolidation higher likely in the near term

“Mild bearish momentum on daily chart faded while RSI rose. Consolidation higher likely in the near term. Resistance at 1.3490, 1.3520 levels. Support at 1.3390 (21 DMA), 1.3340 (200 DMA).”

“S$NEER was last at 0.86% above model-implied mid. This still shows that SGD remains firmer vs. peers in the trade basket but it is less firm today (vs. than for most of the year).”