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
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
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
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
USD/INR Chart Created in TradingView
FX Trading Resources
- Just getting started? See our beginners’ guide for FX traders
- Having trouble with your strategy? Here’s the #1 mistake that traders make
- See how the US Dollar is viewed by the trading community at the DailyFX Sentiment Page
--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter
