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US dollar technical outlook: USD/SGD, USD/PHP, USD/THB, USD/IDR uptrends in focus

US dollar may remain on the offensive against ASEAN currencies; however, the greenback’s upside momentum has been slowing of late and watch key resistance levels in USD/SGD, USD/PHP and USD/THB.

Singapore dollar technical outlook – slightly bullish

The US dollar has been making steady upside progress against the Singapore dollar since February. However, the uptrend has slowed. Key resistance seems to have been established between 1.3866 and 1.3905. Still, a bullish ‘Golden Cross’ remains in play between the 20- and 50-day Simple Moving Averages (SMAs). These lines could maintain the dominant upside focus should prices turn lower. Clearing resistance exposes the midpoint and 61.8% Fibonacci extensions at 1.3929 and 1.3975 respectively.

USD/SGD daily chart

Philippine peso technical outlook – slightly bullish

The US dollar also continues to make steady upside progress against the Philippine peso. Zooming out, USD/PHP seems to be trading within a Rising Wedge chart formation that goes back to one year ago. The pair is testing the ceiling once more, with negative RSI divergence present. This is a sign of fading upside momentum, which can hint at a turn lower. While prices may fall, it would likely take a break under the wedge to materially shift the outlook bearish. Otherwise, the August 2019 high at 52.80 is nearing.

USD/PHP daily chart

Thai baht technical outlook – slightly bullish

The US dollar also continues to make gains against the Thai Baht, especially since the beginning of February. Recently, USD/THB took out the 33.861 – 34.000 resistance zone and the July 2017 peak at 34.149. Immediate resistance seems to be the 78.6% Fibonacci extension at 34.540. Clearing the latter exposes the May 2017 high at 34.816. A breakout under the rising trendline from February could shift the outlook bearish, placing the focus on the 50-day SMA which could reinstate the upside focus.

USD/THB daily chart

Indonesian rupiah technical outlook – slightly bullish

The US dollar also remains in an offensive position against the Indonesian Rupiah. Prices did pierce the 14402 – 14438 resistance zone back in late April. Since then, progress has stalled. Immediate support seems to be the 14465 inflection point. A confirmatory downside close under this price could shift the outlook increasingly bearish. Otherwise, key resistance above seems to sit at 14560. That was the ceiling seen in July 2021.

USD/IDR daily chart


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The information 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 Bank S.A. 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 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. See full non-independent research disclaimer.

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