Skip to content

CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

US dollar mixed week leaves key uptrends intact

The US dollar saw a mixed week against ASEAN currencies; broadly speaking, dominant uptrends remain the key focus and where to for USD/SGD, USD/IDR, USD/THB, USD/PHP?

Source: Bloomberg

Singapore dollar technical outlook – neutral

The US dollar ended little changed against the Singapore dollar this past week. This brought USD/SGD’s rise since the August low (1.3666) to a pause. A potential falling trendline might be forming from July.

Meanwhile, rising support from February is keeping the broader uptrend intact. The lack of meaningful progress last week is thus offering a neutral setting this week. Clearing the August swing high exposes the July peak at 1.4096. Otherwise, near-term support is the midpoint of the Fibonacci retracement at 1.3881. Further losses from there would place the focus on August lows.

USD/SGD daily chart

Source: TradingView

Indonesian rupiah technical outlook – slightly bearish

The US dollar cautiously weakened against the Indonesian rupiah last week. This follows the emergence of a bearish Evening Star candlestick pattern. Further downside confirmation has been achieved, opening the door to losses ahead.

However, keep an eye on the 100-day Simple Moving Average (SMA) below. It could come into play as key support, maintaining the broader upside focus. Otherwise, the August low at 14670 would be next. Confirming a breakout above the 38.2% Fibonacci extension at 14901 would likely shift the outlook increasingly bullish as the July high at 15030 comes into focus.

USD/IDR daily chart

Source: TradingView

Thai baht technical outlook – slightly bullish

The US dollar barely inched higher against the Thai baht this past week. However, USD/THB was unable to clear the 38.2% Fibonacci extension at 36.1613. Still, the bounce since early August remains in play, offering a slightly bullish bias. Up ahead lies the critical 36.738 – 36.949 resistance zone.

Passing it with conviction would offer a stronger bullish view. That would expose the 78.6% extension at 37.3345. Otherwise, a turn lower places the focus on the 100-day SMA. It could hold as support and maintain the broader upside focus.

USD/THB daily chart

Source: TradingView

Philippine peso technical outlook – neutral

The US dollar traded relatively flat against the Philippine peso last week. Prices are cautiously trying to push higher towards the July peak at 56.527, but progress has been slow. Beyond that level is the 2005 peak at 56.61. Confirming a breakout above this level could open the door to a bullish bias, placing the focus on the 38.2% Fibonacci extensions at 57.146.

In the event of a turn lower, the 55.10 – 55.34 support zone will likely be key to watch. A breakout under it, as well as the 50-day SMA, would offer a bearish bias. Such an outcome exposes the 38.2% Fibonacci retracement level at 54.48.

USD/PHP daily chart

Source: TradingView

This information has been prepared by DailyFX, the partner site of IG offering leading forex news and analysis. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.


This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Friday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.