USDSGD Analysis, September 22, 2017 for Singapore Binary Options
The US Dollar continues to underperform versus the Singapore Dollar as the USDSGD currency pair fell to new 13-month lows two weeks ago, note Singapore Binary Options brokers. The downtrend still continues to be largely driven by USD weakness rather than SGD strength. Although the retail sales report beat expectations this month, whether it will extend into faster inflation remains to be seen next week when the CPI will be released on Monday. Inflation was 0.6% in August which is still below the 2% target of the MAS. They have pledged to continue to peruse the target with easy monetary policy until it is reached.
The USD story has not changed much recently, inflation still remains slightly below the Fed’s target and the growth outlook remains good. The Federal Open Market Committee (FOMC) at the September 20 meeting this month decided to begin the balance sheet reduction process starting from October. This boosted the Dollar across the board and USDSGD is now off the lows.
Traders can opt to trade the USDSGD pair with Singapore Binary Options in a way to minimize risk.
Traders should keep watching economic data from both countries, and essentially, faster inflation will be needed to generate a boost to either currency. News regarding Trump’s proposed tax reform in the US should be closely watched also. Any clear plan that tax reform is coming soon will have a positive effect on the Dollar and drive USDSGD higher.
There are a range of good opportunities to trade Singapore Binary Options and profit on fluctuations in the USDSGD pair.
The situation remains broadly unchanged on the daily timeframe. The downward channel has not been broken yet and with it, technically the downtrend remains intact.
1.3530 is the resistance from the falling trendline of the channel that if broken to the upside should open the way for a larger move higher – likely toward 1.37.
The 1.3350 remains in place for now but if broken to the downside there is potential for the downtrend to accelerate as this 1.3350 level is very significant support.
Either way, traders can play the USDSGD pair by buying call or put Singapore Binary Options while risking an amount that they are comfortable with.
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Your capital may be at risk. This material is not investment advice
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.
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