US Greenback (USD) is prone to consolidate between 7.1920 and seven.2150. Within the longer run, for now, USD is prone to commerce in a spread between 7.1800 and seven.2300, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
USD is prone to commerce in a spread
24-HOUR VIEW: “When USD was at 7.2040 yesterday, we indicated that ‘there’s a likelihood for USD to edge above 7.2100 earlier than leveling off.’ We additionally indicated that ‘The subsequent resistance at 7.2180 is unlikely to return underneath risk.’ Whereas USD subsequently rose greater than anticipated to 7.2240, it pulled again from the excessive to shut little modified at 7.2090 (+0.04%). USD has probably entered a consolidation part. Right this moment, we anticipate USD to commerce between 7.1920 and seven.2150.”
1-3 WEEKS VIEW: “Our newest narrative was from final Thursday (29 Might, spot at 7.2025), whereby USD ‘is prone to commerce in a spread between 7.1800 and seven.2300 for now.’ USD rose to 7.2240 yesterday after which pulled again. The value motion didn’t end in any improve in upward momentum, and we proceed to anticipate USD to commerce in a spread between 7.1800 and seven.2300.”
