USDSGD rebounds from 7-month low
In conjunction with a show of US dollar strength against most currency pairs, USDSGD rebounded from a 7-month low after toying briefly with support late-April early-May. The longer this level remains intact, the more encouraged bulls are likely to feel.
Short term traders should not get carried away however. The V-shaped rebound is more likely due to profit taking as well as knee jerk reaction to developments over the weekend. At best the pair is at 2-week high and therefore needs a good base building for bulls to go long. Otherwise it is merely a retracement that could encourage bears to re-enter.
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