USD/SGD To Retain Bearish Stance

USD/SGD to retain bearish stance after making new all-time low in early Far East trading at 1.3430; MAS has indicated it''''s prepared to intervene should SGD gain too quickly. 'Any movement must be orderly; if it''''s not, the MAS will try to stop the volatility,' says bank. In recent days, SGD has been pushing against 2% limit set in April above midpoint of its basket. 'SGD should continue hovering around 1.5-2.0% above the midpoint for now,' says UOB. Dow Jones technical analysis shows immediate support at 1.3400 (psychological), below at 1.3320 (Fibonacci projection). Initial Resistance at 1.3624 (Aug 25 peak), above at 1.3677 (Aug high).