USD/SGD: Range trading with downside bias – OCBC
By FXStreet Insights Team
Updated: 7 May 2026
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OCBC strategists Sim Moh Siong and Christopher Wong see USD/SGD consolidating as markets await clarity on a potential US–Iran deal. The pair has slipped slightly on tentative optimism, but Iran has yet to respond and a 48‑hour deadline looms, keeping some caution in place.
OCBC strategists Sim Moh Siong and Christopher Wong see USD/SGD consolidating as markets await clarity on a potential US–Iran deal. The pair has slipped slightly on tentative optimism, but Iran has yet to respond and a 48‑hour deadline looms, keeping some caution in place. They expect two-way trade with a mild downside bias, preferring to sell rallies against nearby resistance.
Two-way trade and sell-on-rally stance
"USD/SGD slipped slightly overnight on tentative signs of optimism that US-Iran may be near a deal. That said, Iran has yet to revert and the 48-hour deadline runs out just before the weekend."
"Some caution may still prevail if there is a lack of follow-through today. Pair was last at 1.2680 levels. Daily momentum is flat while RSI fell. 2-way trades likely with slight bias to the downside."
"Support at 1.2660 levels (76.4% fibo), 1.2610 levels. Resistance at 1.2720 (61.8% fibo retracement of 2026 low to high), 1.2770 (50, 100 DMAs), 1.28. Bias to sell rallies preferred."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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