USD/SGD upwards due to the American dollar recovering

FXstreet.com (Athens) – The USD/SGD is trading the upper level since the kick off of the Asian trading session, mostly due to the fact that the American dollar is recovering after last week sharp losses.

The USD/SGD is trading well above the 1.2400 handle having touched a high as of 1.2414 earlier. Traders should bear in mind that obviously the ‘greenback’ is recovering from last week huge losses. Precisely, at the time of writing the American dollar is gaining approximately 0.1% versus its major counter parts, while the Asian bourses move broadly higher. All in all, market participants should be very cautious because while today is a light calendar data day, we are ahead of a week of upcoming flurry of US data and that flood of US data numbers might have a crucial impact on the cross.

Technical Aspects on the USD/SGD

At the time of writing the cross is trading at 1.2314, very close to its daily highs (1.2318), up 0.18%. The FXstreet.com Trend Index shows the pair to be slightly bullish in the 15-minutes timeframe chart. Daily pivot point support can be found at 1.2359, 1.2328, 1.2297, and resistance at 1.2430, 1.2461 and 1.2501, respectively. As long as the cross is above the uptrend line of 1.2380 (starting from the lows of December 2012 to the low as of the 8th of May), the bullish trend of the cross might continue to prevail across the board.