USD/SGD- Weekly Analysis for US Binary Options Brokers
The USDSGD exchange rate has been in a slow but steady decline for some time now amid a notable improvement in the Singaporean economy and a scale back on optimism about the US economy. However, medium-term analysis of US binary options brokers suggests the pair is likely to stay range bound – making it attractive for trading via binary options.
USDSGD has been trading in a range between 1.43 – 1.40 since late January. It’s always best to use the top binary options brokers to trade the Forex market.
Over the course of this week there are no important economic releases from Singapore, however, there are several major events from the US including the FOMC minutes on Wednesday and Non-Farm payrolls on Friday.
It’s worth keeping in mind that some bearish dollar sentiment appears to be still present in the market and it is probably for good reason as the ISM non-manufacturing survey on Wednesday showed weaker confidence in the services sector than expected.
It will be all about the FOMC minutes now and the NFP on Friday. Risks are tilted to the downside for the US Dollar and the USDSGD rate. A miss in the NFP report or dovishness in the FOMC minutes could cause a large sell-off in the dollar, while a strong NFP number is unlikely to cause a major rally in the dollar.
as we anticipated previously in our analysis USDSGD has found support near the bottom of the channel at the 1.39 level – also a 61.8% Fibonacci retracement from the 1.35 low to the 1.4540 high.
The pair now looks set to move toward the top of the channel at around the 1.41 area where it’s likely to find resistance and possible reverse to the downside again.
No clear trend is likely to develop on the USDSGD pair for now hence US binary options brokers can be used to place safer bets on where the USDSGD will go.
Above 1.41, 1.42 and 1.4250 are resistance and to the downside 1.39 and 1.38 are support.
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