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  • $USDCHF fell back below the 0.9200 level today, hitting a fresh six week low. The US Treasury removed the currency manipulator label from Switzerland earlier today. $USD $CHF https://t.co/IjSkZgmzew
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.37% 🇨🇭CHF: 0.37% 🇬🇧GBP: 0.25% 🇯🇵JPY: -0.07% 🇦🇺AUD: -0.19% 🇳🇿NZD: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/mrrJhI6OQD
  • Fed's Kaplan: - US economy to expand around 6.5% in 2021 - Vaccines will outpace growth of variants in the US #Fed $USD
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  • The Treasury's FX Manipulator designation list is clear as of this morning's update yet the SNB reiterated currency intervention is necessary as part of its monetary policy but it's 'not manipulation'. Hmm.
  • The Pound faces short-term risks which are putting pressure on an overly optimistic start of the year. EUR/GBP buyers consolidate further upside momentum. Get your $EURGBP market update from @HathornSabin here:https://t.co/G4tNYbYSLE https://t.co/XPErcUKT8A
  • - Fed's dot plot of forecasts on rates isn't helping us - Markets are getting ahead of themselves in terms of expecting rate hikes
  • Fed's Waller: - I think the economy is "ready to rip" - Temporary factors will push up inflation, so long as expectations remain anchored we're ok - Fed isn't going to sit still and let inflation rip #Fed $USD
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Gold: 0.80% Silver: 0.72% Oil - US Crude: -0.68% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/TSbPggx2CP
  • RT @NYFedResearch: The majority of businesses say they expect to see a rebound in revenues post-pandemic in response to special questions i…
US Dollar Breakouts Search for Momentum: USD/SGD, USD/IDR, USD/PHP, USD/THB

US Dollar Breakouts Search for Momentum: USD/SGD, USD/IDR, USD/PHP, USD/THB

Daniel Dubrovsky, Strategist

US Dollar, USD/SGD, USD/IDR, USD/PHP, USD/IDR – ASEAN Technical Analysis

  • USD/SGD eyeing 100-day SMA as it trades within a Bearish Rectangle
  • USD/IDR may extend gains following a push above the 100-day SMA
  • USD/PHP idling around 200-day SMA? USD/THB downtrend in focus
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Singapore Dollar Technical Outlook

The Singapore Dollar continues to trade within a brewing ‘Bearish Rectangle’ chart pattern against the US Dollar. The 100-day Simple Moving Average (SMA) is also coming into focus, acting as resistance. That may pressure USD/SGD lower within the confines of the rectangle for another chance at taking out support which is a range between 1.3158 – 1.3215. Taking this zone out exposes lows from 2018. The ceiling of the rectangle seems to be a range between 1.3375 – 1.3404. Above it is falling resistance from June – see chart below.

USD/SGD Daily Chart

US Dollar Breakouts Search for Momentum: USD/SGD, USD/IDR, USD/PHP, USD/THB

USD/SGD Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The Indonesian Rupiah is at risk to the US Dollar. USD/IDR has extended gains above key falling resistance from September, now taking out the 100-day SMA and resistance at 14280. That has exposed the 14525 – 14563 inflection zone. Prices may target this area next where there may then be a chance of a turn lower. Otherwise, pushing above this zone would expose peaks from September. A drop through the SMA would likely place the focus on key support between 13870 and 14012.

For updates on ASEAN currencies as they break key technical levels, be sure to follow me on Twitter @ddubrovskyFX.

USD/IDR Daily Chart

US Dollar Breakouts Search for Momentum: USD/SGD, USD/IDR, USD/PHP, USD/THB

USD/IDR Chart Created in TradingView

Philippine Peso Technical Outlook

Things are looking more neutral for the Philippine Peso. USD/PHP has been unable to hold a push above the 200-day SMA as it played out as key resistance. The pair left behind a new zone of resistance, between 48.8230 and 48.9900. Prices are sitting just above the 48.2870 – 48.3600 inflection zone, where a bounce may place the focus on February highs. Otherwise, a drop through the inflection range would expose lows from earlier this year.

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USD/PHP Daily Chart

US Dollar Breakouts Search for Momentum: USD/SGD, USD/IDR, USD/PHP, USD/THB

USD/PHP Chart Created in TradingView

Thai Baht Technical Outlook

The Thai Baht has recently been under pressure against the US Dollar, especially after USD/THB broke above a Descending Triangle chart pattern. But, long-term falling resistance from April 2020 seems to be maintaining the dominant focus to the downside. The 30.3560 – 30.4440 resistance zone is also playing a key role. A push above these points would expose the 200-day SMA for a chance to turn lower. Resuming the dominant downtrend entails a drop through the 29.7520 – 29.8460 support zone, which is also the floor of the triangle.

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USD/THB Daily Chart

US Dollar Breakouts Search for Momentum: USD/SGD, USD/IDR, USD/PHP, USD/THB

USD/THB Chart Created in TradingView

--- Written by Daniel Dubrovsky, Strategist 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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