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Forex: USD/SGD supported by 200 day SMA above 1.2340

FXstreet.com (Barcelona) - USD/SGD is last at 1.2362, off yesterday's fresh 11-week lows at 1.2312, finding support since early April at the 200 day SMA, last at 1.2343. The pair is very slightly in the negative for the week so far, and flat since previous Asia-Pacific open yesterday.

“20-day MA last at 1.2398 retains lowering move as long as it is not challenged,” said Nathalie Huynh at IFR Markets, “although downtrend signal only presents intermittently in moving averages,” she added. USD/SGD has been around these levels for 2 years already after started to slide from 2009 highs around the 1.5570 levels, having worked as support from late Oct 2011 all thru early August 2012.

Immediate support to the downside for USD/SGD lies at Monday's lows 1.2348, followed by Tuesday's weekly and 11-week lows at 1.2312, and Nov 16 highs at 1.2297. To the upside, closest resistance shows at yesterday's highs 1.2373, followed by Monday's weekly highs and 21 day SMA at 1.2396/8, and April 04 highs at 1.2428.

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