3.00 is here to stay?
The SGDMYR cross appears to be in consolidation mode for the next couple of months but the stronger SGD uptrend is likely to continue into 2016.
The SGDMYR has been swinging above and below the 3.00 mark since end September and we expect this sideways pattern to continue for a few more months before we see a resolution to the upside as the larger trend remains in favour of a stronger SGD.
As long as 2.9226 holds, further upside is likely here.
Potential upside target for this pair is roughly close to the 3.20 levels, where a cluster of Fibonacci targets lie.
We expect this pair to trade close to the 3.00 psychological mark for the time being
but higher levels thereafter. (Read Report)
Source : CIMB Research
Labels: Forex, Technical Analysis