0743 GMT - USD/SGD's rebound is approaching resistance at the 55-day exponential moving average, which is now at 1.2900, says Quek Ser Leang of UOB's Global Economics & Markets Research in a report. A break and close above this resistance level would increase the likelihood of the currency pair forming a bottom at 1.2698, the senior technical strategist says. However, given USD/SGD's sharp decline since April, any advance is probably part of a corrective rebound rather than a major reversal. Also, the presence of a thick Ichimoku cloud on the daily chart could slow the pace of further gains, the strategist adds. USD/SGD is little changed at 1.2849. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
July 16, 2025 03:43 ET (07:43 GMT)
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