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Forex Flash: USD/SGD may see scope for further downside – UOB
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FXstreet.com (Barcelona) – The start of the disccounting cycle for the Federal Reserve to announce QE3 could push the USD/SGD to fresh new lows, although falls may not be a clear cut as conflicting sentiment signals remain in the market, according to UOB currency analyst Suan Teck Kin.
“The market is polarized between risk-on and risk-off behavior, and there’s still a lot of uncertainty. The pair could still go lower, but the downside is limited as the SGD has gone up significantly on a trade-weighted basis in a short period of time,” adds Suan, who expects support for the pair at 1.2540, with resistance at 1.2600 ahead of 1.2670.
Article source: http://www.fxstreet.com/news/forex-news/article.aspx?storyid=fa0a6c3e-cb69-4c05-a6c3-88a82736efe3
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