0755 GMT - The U.S. dollar is likely in a consolidation phase versus its Singapore counterpart, says Quek Ser Leang of UOB's Global Economics & Markets Research in a report. After failing to sustain the build-up in upward momentum, the currency pair has traded sideways, the markets strategist notes. Also, exponential moving averages on the daily chart are horizontal, indicating a lack of direction, while the "contracting moving average envelope" shows USD/SGD is consolidating, the strategist says. The currency pair must break decisively below the 1.3445-1.3370 support zone or above the 1.3675-1.3751 resistance area before a directional trend can be expected, the strategist adds. USD/SGD is down 0.1% at 1.3535. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
February 12, 2025 02:55 ET (07:55 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.