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By: DailyForex.com
Like most other common currencies in the Forex world today, the Singapore Dollar or USD/SGD has taken a step back against the rising greenback. Worries about the state of the EU as well as steady home sales in the USA have resulted in the USD gaining strength steadily for the past couple of weeks, and today was one of its strongest days in quite some time. Opening bell saw the pair start off at 1.2699 and closing the 24 hour trading period at 1.2763, a gain of .64 cents for the Greenback against the Singapore Dollar. This move is possibly no surprise to Technical Traders as some were expecting a pull back to the 1.2660 level which has been the ceiling for the pair since early February and is now support. Price also closed above the Monthly R2 at 1.2736 which will now also be resistance for the pair. If the greenback continues its Bullish march, we will see additional resistance for this pair at 1.2830 which price has reacted to many times and is both the Monthly R3 & Weekly R1. Below the current price we see support at 1.2725, 1.2686 and 1.2609 with the strongest support being the Weekly S1 well below at 1.2655.
