FxWirePro: USD/SGD trades in narrow range ahead of Singapore’s CPI data

• USD/SGD is currently trading around 1.3866 marks.
   
• It made intraday high at 1.3873 and low at 1.3859 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1.3860 marks. 
   
• A daily close above 1.3860 will test key resistances at 1.3886, 1.3934, 1.3988, 1.4046, 1.4095, 1.4128, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.
   
• Alternatively, a consistent close below 1.3860 will drag the parity down towards key supports at 1.3838/1.3776/1.3704/1.3631 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Singapore will release CPI as well as core CPI data at 0500 GMT.

We prefer to take short position in USD/SGD only below 1.3850, stop loss 1.3910 and target of 1.3776.