FxWirePro: USD/SGD exhibits range bound movement, Singapore’s CPI data in focus

• USD/SGD is currently trading around 1.4240 marks.
   
• It made intraday high at 1.4255 and low at 1.4228 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1.4201 marks.
   
• A sustained close above 1.4250 will test key resistances at 1.4289, 1.4336, 1.4443 and 1.4481 levels respectively.
   
• Alternatively, a consistent close below 1.4201 will drag the parity down towards key supports at 1.4128/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646/1.3587/1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term correction only.
   
• Singapore will release CPI data at 0500 GMT.

We prefer to go long on USD/SGD around 1.4230 with stop loss at 1.4201 and target of 1.4289.