0733 GMT - USD/SGD seems set to rise above February's peak of 1.3525, based on the weekly chart, says Quek Ser Leang, markets strategist of UOB's Global Economics & Markets Research, in a research note. Last week, USD/SGD's rebound gained momentum and it broke above resistance on its descending trendline, the strategist notes. However, with the currency pair having entered the weekly Ichimoku cloud, the pace of any further gains are expected to be slower, the strategist says. Also, given the weekly moving average convergence divergence indicator isn't strong for now, it's premature to expect the currency pair to rise above subsequent resistance at 1.3620, the strategist adds. USD/SGD is down 0.2% at 1.3467. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
March 25, 2024 03:33 ET (07:33 GMT)
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