The US Dollar (USD) could decline further; it remains to be seen if 154.50 will come into view (there is another support level at 155.15), UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
The level to watch is 154.50
24-HOUR VIEW: “We did not anticipate the outsized selloff that sent USD plunging to a low of 156.05. USD continues to decline in early Asian trade today. Given the impulsive downward momentum, it could decline further, but note that conditions are severely oversold, and it remains to be seen if 154.50 will come into view (there is another support level at 155.15). To keep the momentum going, USD must remain below 157.30 with minor resistance at 156.60.”
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