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Spot USD/SGD is down 13 pips today, last at 1.3333 currently testing session lows after bouncing from the level earlier. Singapore dollar is supported by a risk on tone, STI is up 0.6%.
- Bears look a for a drop through first support at 1.3320, more significant support at 1.3300. Below this the 76.4% retracement of the 2021 trough to peak move at 1.3212 was tested twice in January. Support levels below here are thin with the rate not touching these levels since mid-2018, the 2021 low sits at 1.3157.
- USD/SGD crossed above its 50-day moving average in late Jan, and now has the 100-day moving average in its sights – currently at 1.3433. Bulls need a break above 1.34 which acted as a cap through December to confirm an upside break. After the 100-day moving average the pair runs into significant resistance is at 1.3509 the 23.6% retracement of the cycle move lower.