FXStreet (Delhi) – Irene Cheung, Research Analyst at ANZ Research, suggests that they remain bullish on USD/SGD and move their target to 1.4500 with stop-loss now set at 1.4030. Key Quotes “Stay bullish on USD/SGD USD/SGD has rebounded since late December, on the back of weakness in the CNY and EUR, two key component currencies in the S$NEER basket. USD/SGD is currently trading at 1.4228, close to the target of 1.4250 for the long USD/SGD trade recommendation which we initiated on 4 December 2015 (entry 1.3966, target 1.4250, stop-loss 1.3850). The trade is now 1.8% in the money (after taking account of funding cost for SGD). Our expectation is for broad strength in the USD as the Fed embarks on a tightening cycle, whereas we expect SGD to stay weak on growth and disinflation headwinds. We also see risk of further weakness in the CNY and EUR underpinning USD/SGD. With this, we move our target for USD/SGD to 1.4500 with stop loss revised up to 1.4030 to lock in a 0.5% profit for the trade. Note that our forecast is for USD/SGD to hit 1.45 by end-Q1 2016, which is also the next resistance last seen in mid-2009 if the pair has a clean break of the 1.4250 level.” For more information, read our latest forex news.