USD/CNH and USD/SGD: Analyzing the Decline and Rise in Currency Pairs

USD/CNH Begins to Decline, Confirmed by Technical Chart Analysis

According to a chart analysis by Quong Ser Lang, a market strategist at UOB Global Economic and Market Research, there is a high possibility that the USD/CNH has started its decline. This week, the USD/CNH clearly broke below a key support level on the daily chart. However, the downward momentum of the currency pair has only seen a slight increase, and it remains uncertain whether the USD/CNH will break below its psychological support level of 7.2000. To sustain the downward momentum, the USD/CNH needs to stay below the cross level of the 21-day and 55-day moving averages, which is at 7.2900 or lower. Currently, the value of USD/CNH has increased by 0.1% to 7.2519.

USD/SGD Rises Due to Increase in 2-Year Treasury Yield

The USD/SGD has shown an upward trend as a result of the rise in the 2-year Treasury yield. Analysts from Maybank suggest that the attractiveness of US bond assets and the increased demand for the dollar have contributed to the rise in the USD/SGD. They also point out that the dollar continues to maintain its advantage in terms of carry trade and economic growth compared to other countries. According to technical analysis, the resistance levels for the USD/SGD are at 1.3500 and 1.3600, while the support levels are at 1.3400 and 1.3330. Currently, the value of USD/SGD has increased by 0.1% to 1.3483.

Quong Ser Lang: USD/CNH Decline Based on Technical Chart Analysis

Quong Ser Lang, a market strategist at UOB Global Economic and Market Research, believes that the decline of the USD/CNH is likely based on technical chart analysis. As mentioned by Lang, the USD/CNH broke below a key support level on the daily chart. The current downward momentum of the currency pair has seen a slight increase. However, it remains uncertain whether the USD/CNH will break below its psychological support level of 7.2000. To sustain the downward momentum, the USD/CNH needs to stay below the cross level of the 21-day and 55-day moving averages, which is at 7.2900 or lower. Currently, the value of USD/CNH is 7.2519, representing a 0.1% increase.

USD/SGD Supported by Rise in 2-Year Treasury Yield

The USD/SGD is supported by the rise in the 2-year Treasury yield. According to analysts from Maybank, the increased attractiveness of US bond assets and the higher demand for the dollar have contributed to the rise in the USD/SGD. They also note that the dollar maintains its advantage in terms of carry trade and economic growth compared to other countries. Technical analysis indicates that the resistance levels for the USD/SGD are at 1.3500 and 1.3600, while the support levels are at 1.3400 and 1.3330. Currently, the value of USD/SGD has increased by 0.1% to 1.3483.