The US Dollar (USD) is likely to trade in a sideways range between 160.30 and 161.30, because USD strength from the middle of last month has come to an end, UOB Group analysts Quek Ser Leang and Lee Sue Ann note.
USD is set to break above 161.30
24-HOUR VIEW: “After USD fell to a low of 160.33 and rebounded last Friday, we indicated yesterday that ‘provided that USD remains below 161.15, USD could drop further to 160.20 before stabilisation can be expected.’ USD subsequently dropped to 160.25, rebounded to 161.11, and then closed largely unchanged (160.81, 0.06%). Downward pressure is easing, and instead of dropping further, USD is likely to trade in a sideways range between 160.30 and 161.30 today.”
1-3 WEEKS VIEW: “Our update from yesterday (08 Jul, spot at 160.65) still stands. As highlighted, the USD strength from the middle of last month has come to an end. The current price movements are likely part of a range trading phase. For the time being, USD is likely to trade between 159.40 and 161.80.”
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
Hot
No comment on record. Start new comment.