The US Dollar has been depreciating against the Singapore Dollar after the USD/SGD currency pair failed to surpass the psychological level at 1.3950. As apparent on the chart, the pair has already surpassed the support level—the Fibonacci 38.20% retracement at 1.3629.
Note that the exchange rate is pressured by the 55-, 100– and 200-hour moving averages, currently located in the 1.3610/1.3623 area. Thus, it is likely that some downside potential could continue to prevail in the market. A possible downside target is the psychological level at 1.3450.
However, note that the currency pair could gain support of the monthly S1 at the 1.3511 mark. If the given support level holds, it is likely that a reversal north could occur in the medium term.