0531 GMT - USD/SGD may test the 2024 low of 1.2790, based on the weekly chart, says Quek Ser Leang of UOB Global Economics & Markets Research in a research report. The magnitude of the currency pair's breakdown last week and subsequent follow-through this week indicate downward momentum remains strong, says the markets strategist. Although slow stochastics are deeply oversold, the relative strength index has yet to reach oversold territory, suggesting the currency pair could extend its drop and test, if not break, last year's low of 1.2790, the strategist adds. USD/SGD is 0.3% higher at 1.2911. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
May 07, 2025 01:31 ET (05:31 GMT)
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