This past week saw the USD gaining against Asian currencies, although, most pairs were could not exceed key resistance.
The USD/SGD currency pair is back to its familiar 1.4107 – 1.4061 resistance zone established in July. prices could not break above this range, leaving the pair unchanged from a few months ago.
The US Dollar also gained against the Indonesian Rupiah last week.as the currency pair continues to trade within a bearish Rising Wedge chart formation. A breakout under the latter enhances extending losses towards the August low at 14670. Although, the100-day Simple Moving Average (SMA) has to be cleared to reach that level.
The USD also gained against the Thai Baht this past week, bringing USD/THB back to the outer layer of the 36.738 – 36.949 resistance zone. That said, the bearish Double Top chart formation remains in play. This is as negative RSI divergence persists. A lower turn could place the focus on the 100-day SMA, which could reinstate the dominant upside focus.
The USD reached a new yearly high against the Philippine Peso last week as the USD/PHP broke above the 38.2% Fibonacci extension at 57.146, exposing the midpoint at 57.778. \ Where to for USD/SGD, USD/IDR, USD/THB, and USD/PHP?