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1 Nov 2013
USD/SGD spikes to 1.2444
FXstreet.com (Chicago) - USD/SGD soared to 1.2444 2-week highs on Chinese manufacturing results.
This week, the pair showed high volatility with ups and downs throughout it after the reaction of market participants to important economic results in the US. Poor job market data fueled speculations about the Fed’s decision to decrease the bond-buying program. Next week, the US will release its GDP results for the third quarter of the year along NFP.
USD/SGD Technical Levels
Price action reveals the pair soared to 2-week highs, movement supported by primary and secondary trends. Offered at 1.2422, the pair oscillates between the supports aligned at 1.24 (October 23rd highs), 1.2366 (October 18th lows) ahead of 1.2338 (October 22nd lows) and the resistances set at 1.2432 (October 22nd highs), 1.2462 (October 16th highs) followed by 1.2522 (October 8th highs).
This week, the pair showed high volatility with ups and downs throughout it after the reaction of market participants to important economic results in the US. Poor job market data fueled speculations about the Fed’s decision to decrease the bond-buying program. Next week, the US will release its GDP results for the third quarter of the year along NFP.
USD/SGD Technical Levels
Price action reveals the pair soared to 2-week highs, movement supported by primary and secondary trends. Offered at 1.2422, the pair oscillates between the supports aligned at 1.24 (October 23rd highs), 1.2366 (October 18th lows) ahead of 1.2338 (October 22nd lows) and the resistances set at 1.2432 (October 22nd highs), 1.2462 (October 16th highs) followed by 1.2522 (October 8th highs).