0659 GMT - USD/SGD's downward momentum is starting to build after it fell to a low of 1.3421 last week, says Quek Ser Leang, markets strategist of UOB's Global Economics & Markets Research, in a research report. Chances of USD/SGD breaking below ascending trendline connecting lows of December 2023 and March 2024, which is at 1.3380, is increasing, the strategist says. There's also another support level at the bottom of daily Ichimoku cloud, which is at 1.3400, the strategist says. On the upside, if USD/SGD breaks above 1.3540, this would indicate that the buildup in downward momentum has faded, the strategist adds. USD/SGD is down 0.1% at 1.3453. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
May 20, 2024 02:59 ET (06:59 GMT)
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