The present worth actions are probably a part of a 147.85/148.75 consolidation part. Within the longer run, worth motion signifies that USD may rise towards 149.20, UOB Group’s FX analysts Quek Ser Leang and Peter Chia observe.
Present worth actions are probably a part of a 147.85/148.75
24-HOUR VIEW: “We anticipated USD to ‘advance additional’ yesterday, however we highlighted that ‘the foremost resistance at 149.20 is unlikely to return beneath risk.’ We additionally identified that ‘there’s one other resistance stage at 148.90.’ Our view didn’t materialise as USD traded in a spread of 148.13/148.80, closing largely unchanged at 148.44 (-0.06%). The worth actions are probably a part of a consolidation part. At the moment, we count on USD to commerce between 147.85 and 148.75.”
1-3 WEEKS VIEW: “Yesterday (29 Jul, spot at 148.55), we highlighted that the current worth motion ‘signifies that USD may rise towards 149.20.’ Though USD rose to a excessive of 148.80, it pulled again to shut largely unchanged at 148.44 (-0.06%). Upward momentum is tentatively slowing, however so long as 147.40 (no change in ‘sturdy help’ stage) holds, there’s nonetheless an opportunity for USD to rise to 149.20.”
