Slight enhance in downward momentum is prone to result in a decrease vary of seven.1750/7.1930. Within the longer run, US Greenback (USD) has possible moved right into a 7.1620/7.2200 vary buying and selling part, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
Slight enhance in downward momentum
24-HOUR VIEW: “We anticipated USD to “commerce in a variety between 7.1830 and seven.2030” yesterday. USD then traded between 7.1854 and seven.1975, closing barely decrease at 7.1860 (-0.13%). There was a slight enhance in downward momentum, however that is prone to result in a decrease vary of seven.1750/7.1930 as a substitute of a sustained decline.”
1-3 WEEKS VIEW: “Our newest narrative was from final Monday (09 Jun, spot at 7.1870), whereby USD has possible moved again into a variety buying and selling part, in all probability between 7.1620 and seven.2200.’ It’s been greater than every week, and USD continues to be buying and selling inside the vary, and we proceed to carry the identical view for now.”
