Upward momentum is constructing, however for a continued advance, US Greenback (USD) should first shut above 7.1910, UOB Group’s FX analysts Quek Ser Leang and Peter Chia observe.
Upward momentum is constructing
24-HOUR VIEW: “We anticipated USD to ‘proceed to rise’ yesterday, however we said that ‘overbought circumstances point out that the most important resistance at 7.1910 could possibly be out of attain for now.’ Nevertheless, USD traded in a good vary between 7.1774 and seven.1848, closing unchanged at 7.1813. The value actions are possible a part of a spread buying and selling part. In the present day, we count on USD to commerce between 7.1700/7.1835.”
1-3 WEEKS VIEW: “Subsequent to USD worth motion two days in the past, we indicated the next yesterday (29 Jul, spot at 7.1820): ‘Upward momentum is constructing, however for a continued advance, USD should first shut above 7.1910. The probability of USD closing above 7.1910 will improve within the coming days so long as it holds above 7.1660.’ We proceed to carry the identical view.”
