United Overseas Bank forecasts upside bias for USD/SGD

United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann report that the USD/SGD pair has seen a strong rebound. While short-term momentum points higher, analysts expect key resistance at 1.2705 to limit further gains.

Over a one-to-three-week outlook, UOB sees an upside bias for the pair, provided it maintains levels above 1.2640. The Singapore Dollar (SGD) Nominal Effective Exchange Rate (NEER) currently remains above its mid-point.