Slight enhance in upward momentum could result in US Greenback (USD) testing 7.2000; a transparent break above this degree appears unlikely. Within the longer run, USD has seemingly 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 upward momentum
24-HOUR VIEW: “We anticipated USD to ‘commerce in a spread between 7.1660 and seven.1860’ final Friday. USD subsequently traded in the next vary of seven.1718/7.1936. The slight enhance in upward momentum could result in a check of seven.2000. A transparent break above this degree appears unlikely. On the draw back, help ranges are at 7.1800 and seven.1740.”
1-3 WEEKS VIEW: “Final Thursday (05 Jun, spot at 7.1730), we highlighted that the current ‘delicate downward stress may result in USD edging decrease, however it stays to be seen if it may attain 7.1400.’ We added, ‘ought to USD break above 7.1960, it could point out that the present delicate downward stress has pale.’ USD rose to 7.1936 on Friday. Whereas our ‘sturdy resistance’ degree at 7.1960 has not been breached but, the delicate downward momentum has eased. USD has seemingly moved again into a spread buying and selling part, in all probability between 7.1620 and seven.2200.”
