OCBC strategists Sim Moh Siong and Christopher Wong notice USD/SGD rebounded sharply after Iran reclosed the Strait of Hormuz, reversing Friday’s drop to 1.2667. Whereas each day momentum stays bearish, RSI is popping up from oversold, with key help at 1.2700 and 1.2670 and resistance at 1.2750/60, 1.2800 and 1.2850. Focus stays on whether or not events attain a deal or escalate militarily in coming days.
Secure-haven bid lifts pair off lows
“USD/SGD had traded as little as 1.2667 final Fri, on information of conditional open of passageway at strait of Hormuz.”
“However the pair rebounded sharply this morning in early commerce following the weekend setback – reclosure of the strait.”
“Focus stays on whether or not each events handle to get a deal or if there are additional navy escalation within the subsequent 24-48 hours.”
“Bearish momentum on each day chart intact however exhibits tentative indicators of fading whereas RSI exhibits indicators of rising from close to oversold circumstances.”
“Key help at 1.27, 1.2670 (76.4% fibo). Resistance at 1.2750/60 ranges (50 DMA, 50% fibo), 1.28 ranges (21, 100 DMAs, 38.2% fibo retracement of 2026 low to excessive), 1.2850 (200 DMA, 23.6% fibo).”
(This text was created with the assistance of an Synthetic Intelligence device and reviewed by an editor.)
