USD/SGD breaks above 1.26, daily ichimoku cloud

FXstreet.com (Bali) - USD/SGD is consolidating gains after breaking the 1.26 barrier, with the pair now under re-distribution phase with technicals suggesting further gains lying ahead.

From an ichimoky perspective, the pair has broken above a thick daily cloud, resulting on the anticipation of more gains, especially after a solid close above the 1.26 round number.

Any dips since the Fed taper announcement have been consistently bought, with a retest of 1.26 in early Asia finding plenty of bids being filled. Next upside target should be encountered at 1.2650 ahead of 1.2675 and 1.27, all aligning with intraday levels.