US Greenback (USD) is more likely to edge decrease to 7.1780; any additional decline is unlikely to threaten the help at 7.1700. Within the longer run, USD continues to be buying and selling in a variety; a narrower vary of seven.1700/7.2100 is probably going sufficient to include the value actions, UOB Group’s FX analysts Quek Ser Leang and Peter Chia observe.
USD continues to be buying and selling in a variety
24-HOUR VIEW: “We indicated yesterday that USD ‘may rise and check 7.2010.’ Our view didn’t materialise as USD traded in a variety of seven.1814/7.1976, closing at 7.1854, down by 0.14%. There was a slight enhance in downward momentum. In the present day, USD is more likely to edge decrease to 7.1780, given the delicate downward stress, any additional decline is unlikely to threaten the help at 7.1700. On the upside, any restoration is more likely to maintain beneath 7.1980 (with minor resistance at 7.1925).”
1-3 WEEKS VIEW: “There may be not a lot so as to add to our replace from Monday (11 Aug, spot at 7.1880). As highlighted whereas we proceed to count on vary buying and selling, a narrower vary of seven.1700/7.2100 is probably going sufficient to include the value actions for now.”
