US Dollar Leap Shows Few Signs Of Slowing: USD/PHP, USD/THB, USD/IDR, USD/SGD


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

  • US Dollar ‘s aggressive appreciation against ASEAN FX continued
  • Philippine Peso seems most at risk as PHP weakened to 2005 low
  • Thai Baht and Indonesian Rupiah struggling too, SGD may hold

The US Dollar has been on a crushing winning streak against the Philippine Peso. In fact, USD /PHP is on course to rise about 4.7% this month. That would be the best performance since 2009. This past week, the pair shot above the 2018 peak at 54.43, the highest close since November 2005. Momentum is showing no signs of stopping. Clearing the 138.2% Fibonacci extension at 54.929 exposes the 161.8% level at 55.571 on the way to the 2005 peak at 56.61. In the event of a turn lower, keep a close eye on the 20-day Simple Moving Average (SMA) as key support.USD/PHP Daily Chart

Chart Created in TradingViewThai Baht Technical Outlook – Bullish

The US Dollar extended its winning streak against the Thai Baht last week, bringing June’s gain to 3.31%, the most since September 2021. USD/THB closed above the midpoint of the Fibonacci extension at 35.426. That has exposed the 61.8% level at 35.751. Beyond the latter sits the December 2016 peak at 36.08. In the event of a turn lower, the 20-period SMA could hold as support, reinstating the dominant upside focus. The former 34.759 – 34.850 resistance zone could also enforce itself as new support.USD/THB Daily Chart

Chart Created in TradingViewIndonesian Rupiah Technical Outlook – Slightly Bullish

Chart Created in TradingViewSingapore DollarTechnical Outlook – Neutral

The US Dollar continued to consolidate against the Singapore Dollar this past week, failing to achieve meaningful progress in either direction. This is leaving USD/SGD in a neutral state going forward. Still, keep a close eye on the 50-day SMA. The latter is slowly closing in and it could reinstate the broader upside focus. Key resistance seems to be May highs, making for a range between 1.3946 and 1.3986.USD/SGD Daily Chart

Chart Created in TradingView

— Written by Daniel Dubrovsky, Strategist for

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

Trade Smarter – Sign up for the DailyFX Newsletter

Receive timely and compelling market commentary from the DailyFX teamSubscribe to Newsletter

About the author

Add Comment

By Maelyn

Get in touch

Content and images available on this website is supplied by contributors. As such we do not hold or accept liability for the content, views or references used. For any complaints please contact Use of this website signifies your agreement to our terms of use. We do our best to ensure that all information on the Website is accurate. If you find any inaccurate information on the Website please us know by sending an email to and we will correct it, where we agree, as soon as practicable. We do not accept liability for any user-generated or user submitted content – if there are any copyright violations please notify us at – any media used will be removed providing proof of content ownership can be provided. For any DMCA requests under the digital millennium copyright act
Please contact: with the subject DMCA Request.