US Greenback (USD) is prone to commerce sideways between 7.1850 and seven.2100. Within the longer run, renewed downward momentum suggests 7.1700 is again in sight, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
Renewed downward momentum suggests 7.1700 is again in sight
24-HOUR VIEW: “Yesterday, when USD was at 7.2000, we anticipated USD to ‘proceed to weaken.’ Nonetheless, we identified, ‘the main help at 7.1700 is probably going out of attain for now.’ We weren’t mistaken, as USD dropped to 7.1791 after which rebounded to shut largely unchanged at 7.1964 (-0.04%). Downward momentum has pale with the rebound. Immediately, USD is prone to commerce sideways, most likely between 7.1850 and seven.2100.”
1-3 WEEKS VIEW: “We’ve got held a damaging USD view since early final week. As we tracked the value actions, we indicated yesterday (13 Might, spot at 7.2000) that ‘the renewed downward momentum suggests 7.1700 may very well be again in sight.’ Our view stays unchanged. General, solely a breach of seven.2330 (‘robust resistance’ degree beforehand at 7.2420) would imply that the draw back threat has pale.”
