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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

US dollar climbs but fails to clear resistance levels

US dollar gained against ASEAN currencies this past week; however, most pairs were unable to push past key resistance and where to for USD/SGD, USD/IDR, USD/THB and USD/PHP?

Source: Bloomberg

Singapore dollar technical outlook – slightly bullish

The US dollar aimed higher against the Singapore dollar this past week. This brought USD/SGD back to the familiar 1.4107 – 1.4061 resistance zone that was established back in July. With that said, prices were unable to break above this range, leaving the pair unchanged from a few months ago.

Negative RSI divergence is present, which does show that upside momentum is fading. While this may precede a turn lower, keep in mind that in the medium-term, the rising trendline from February is maintaining the dominant upside focus. Key support below is the September 13th low at 1.3940. Clearing resistance exposes the midpoint and 61.8% Fibonacci extensions at 1.4161 and 1.4213 respectively.

USD/SGD daily chart

Source: TradingView

Indonesian rupiah technical outlook – neutral

The US dollar also gained against the Indonesian rupiah this past week. USD/IDR also continues to trade within a bearish Rising Wedge chart formation. A breakout under the latter could open the door to extending losses towards the August low at 14670. Still, getting there entails clearing the 100-day Simple Moving Average (SMA). In the event of an upside breakout through the wedge, that could open the door to revisiting the July high at 15030. Further gaining above that exposes the 78.6% Fibonacci extension at 15145.

USD/IDR daily chart

Source: TradingView

Thai baht technical outlook – neutral

The US dollar gained against the Thai baht this past week, bringing USD/THB back to the outer layer of the 36.738 – 36.949 resistance zone. That said, the bearish Double Top chart formation remains in play. This is as negative RSI divergence persists.

A turn lower could place the focus on the 100-day SMA, which could reinstate the dominant upside focus. If it does not hold. That could open the door to revisiting the August low at 35.737. In the event of an upside breakout, the 78.6% Fibonacci extension at 37.334 stands as immediate resistance. Beyond that is the 100% level at 37.956.

USD/THB daily chart

Source: TradingView

Philippine peso technical outlook – bullish

The US dollar set a new high this year against the Philippine peso last week. This meant USD/PHP broke above the 38.2% Fibonacci extension at 57.146, exposing the midpoint at 57.778. Still, keep in mind that negative RSI divergence persists, warning that a turn lower could be in store. In the event of a turn lower, the 50-day SMA could hold as key support, maintaining the dominant upside focus. Extending gains beyond the midpoint exposes the 61.8% Fibonacci extension at 58.41.

USD/PHP daily chart

Source: TradingView

This information has been prepared by DailyFX, the partner site of IG offering leading forex news and analysis. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.


This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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