USD/SGD Technical Analysis

The US Dollar remained sideways against the Singapore Dollar on this Thursday and is now trading at 1.3407. The market has remained sideways due to the expectation of Core Retail Sales data for the month of August and the Initial Jobless Claims for the last week, both for the US Dollar. Retail sales data is expected to come in at -0.1%. If this number comes in higher than expected, it could generate buying strength in the US Dollar. Initial Jobless Claims came lower than expected last week and should this week come in lower than expected again this will have the potential to strengthen the US Dollar. From a technical point of view, the USDSGD is making a higher bottom than the previous bottom and if it manages to break above the 1.3450 level, it could rise to 1.3650 in a few days.