0038 GMT - USD/SGD likely retains its downward bias, based on daily chart, says Yeap Jun Rong, market analyst at IG, in an email. Although buyers attempted to defend key trendline support at 1.3480 level overnight, the currency pair's daily relative strength index is dipping back below the mid-line, so more conviction may be needed to overturn the downward bias, the analyst says. Also, USD's seasonality in July tends to lean toward weakness, the analyst says. Any break below key trendline support could suggest sellers in greater control, which may put 1.3440 in focus next, the analyst adds. USD/SGD is steady at 1.3499. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
July 08, 2024 20:38 ET (00:38 GMT)
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