Bias for US Greenback (USD) is tilted to the draw back, however the main assist at 147.20 is unlikely to return below risk (there may be one other assist stage at 147.50). Within the longer run, USD is prone to commerce in a spread, most likely between 147.20 and 149.20, UOB Group’s FX analysts Quek Ser Leang and Peter Chia observe.
USD is prone to commerce in a spread
24-HOUR VIEW: “Our view for USD to ‘rise and take a look at 148.75’ yesterday was incorrect. After rising to a excessive of 148.52, USD dropped shortly, reaching a low of 147.56. The value motion didn’t lead to a transparent improve in downward momentum. Nevertheless, the bias for in the present day is tilted to the draw back, despite the fact that we don’t anticipate the most important assist at 147.20 to return below risk. Notice that there’s one other assist stage at 147.50. Resistance ranges are at 148.05 and 148.25.”
1-3 WEEKS VIEW: “Yesterday (12 Aug, spot at 148.25), we revised our view from destructive to impartial. We acknowledged that USD ‘is prone to commerce in a spread, most likely between 147.20 and 149.20.’ There isn’t a change in our view.”
