Singapore Dollar: Near-term pressure against US Dollar - OCBC

OCBCs Sim Moh Siong and Christopher Wong say the Singapore Dollar (SGD) slipped as the broad Dollar rebounded after Jackson Hole, but still retains relative resilience thanks to the S$NEER policy and firm domestic fundamentals. They caution that further USD/SGD downside may be harder to extend near term, with risks skewed to the upside and key resistance at 1.2740 and 1.2780/1.2790, and support at 1.2680 and 1.2650.

Dollar rebound caps Singapore Dollar downside

“SGD slipped amid broad USD rebound post-Jackson Hole. SGD could still retain relative resilience given effects of S$NEER policy backdrop and firm domestic fundamentals, but further USD/SGD downside may be harder to extend in the near term.”

“A renewed move lower would likely require softer US data and a resumption of broader USD weakness, while RMB direction remains another key influence.”

“Mild bearish momentum on daily chart faded but RSI rose. Risks skewed to the upside in the interim.”

“Resistance here at 1.2740 levels (61.8% fibo retracement of 2026 low to high), 1.2780/90 levels (50% fibo, 21 DMA). Support at 1.2680 (76.4% fibo), 1.2650. ”