US Greenback (USD) is anticipated to commerce in a sideways vary of seven.1990/7.2190. Within the longer run, a breach of seven.2330 would point out that the probability of USD declining to 7.1700 has pale, UOB Group’s FX analysts Quek Ser Leang and Peter Chia be aware.
Above 7.2330, the probability of USD declining to 7.1700 to fade
24-HOUR VIEW: “Following final Thursday’s worth actions, we indicated on Friday that ‘the quiet worth motion offers no contemporary clues, and we proceed to count on USD to commerce sideways. Anticipated vary for immediately: 7.1970/7.2190.’ Our view of sideways buying and selling was not mistaken, as USD traded between 7.1954 and seven.2130, closing modestly larger by 0.07% at 7.2099. There was no improve in both downward or upward momentum. Right now, we count on USD to commerce sideways between 7.1990 and seven.2190.”
1-3 WEEKS VIEW: “We’ve held a adverse USD view since early this month (as annotated within the chart beneath). Monitoring the worth actions, we highlighted final Friday (16 Might, spot at 7.2040) that USD “has not been in a position to make important headway on the draw back. Nonetheless, solely a breach of seven.2330 (no change in ‘robust resistance’ degree) would point out that the probability of USD declining to 7.1700 has pale.” Our view stays unchanged.”
