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US Dollar May Rise Versus Singapore Dollar, PHP Awaiting Breakout

US Dollar May Rise Versus Singapore Dollar, PHP Awaiting Breakout

Daniel Dubrovsky, Strategist

USD/PHP, USD/SGD, USD/MYR, USD/INR Talking Points

  • US Dollar consolidating versus Philippine Peso and Indian Rupee
  • Singapore Dollar may depreciate if USD/SGD rising support holds
  • Did the Malaysian Ringgit experience a false breakout versus USD?

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USD/PHP Technical Outlook

Ahead of the Federal Reserve interest rate decision later today, the US Dollar is still largely consolidating against the Philippine Peso between a range of 51.85 and 52.42. This followed the push USD/PHP made above descending resistance from March back in August. A push higher exposes resistance at 52.87 while a turn lower places support in focus as a range between 51.69 and 51.59.

To stay updated on fundamental developments for ASEAN currencies such as SGD and PHP, you may follow me on Twitter here @ddubrovskyFX

USD/PHP Daily Chart

US Dollar vs Philippine Peso price chart - daily

USD/PHP Chart Created in TradingView

USD/SGD Technical Outlook

Against the Singapore Dollar, the USD is sitting right on rising support going back to July. This followed a near-term downtrend that was initiated alongside the formation of an Evening Star candlestick pattern from the end of August. If the trend line holds, we may see USD/SGD push higher towards the psychological horizontal barrier between 1.3836 and 1.3808. Otherwise, falling through 1.3707 opens the door to testing 1.3658.

USD/SGD Daily Chart

US Dollar May Rise Versus Singapore Dollar, PHP Awaiting Breakout

USD/SGD Chart Created in TradingView

USD/MYR Technical Outlook

Meanwhile, the US Dollar is attempting to push back into the psychological barrier between 4.1800 and 4.1855 against the Malaysian Ringgit. This followed what appeared to be a false downside breakout that bottomed at 4.1630. If the former holds, we may witness a retest of support that if taken out, opens the door to testing a potential rising trend line from March.

USD/MYR Daily Chart

US Dollar May Rise Versus Singapore Dollar, PHP Awaiting Breakout

USD/MYR Chart Created in TradingView

USD/INRTechnical Outlook

Wrapping it up with the Indian Rupee, the US Dollar is broadly speaking in an uptrend against INR since taking out descending resistance in August. A descent through 70.87 risks overturning upside progress that places an emphasis on support which is a range between 70.41 and 70.58. Otherwise, clearing 71.82 opens the door to testing defining resistance at the horizontal range between 72.16 and 72.55.

USD/INR Daily Chart

US Dollar May Rise Versus Singapore Dollar, PHP Awaiting Breakout

USD/INR Chart Created in TradingView

FX Trading Resources

--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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