According to a research report by Quek Ser Leang, an analyst at UOB's Global Economics & Markets Research division, the USD/SGD exchange rate could decline further based on the daily chart. The senior technical strategist noted that the currency pair extended its losses today following a sharp drop last Friday, having breached last year's low of 1.2700. "Given the sharp increase in downward momentum and the loss of the key support level at 1.2700, USD/SGD may continue to weaken, potentially testing the next support level at 1.2600," he added. On the upside, the previous support level at 1.2790 has now turned into a strong resistance level. Data from FactSet shows that USD/SGD is currently down 0.5% to 1.2682.