Scope for US Dollar (USD) to drop below 7.2600, but it might not be able to maintain a foothold below this level, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
A break below 7.2600 may lead to 7.2400
24-HOUR VIEW: “Yesterday, we indicated that USD could rise to 7.2990 before the risk of a pullback increases. However, USD plummeted from a high of 7.2909, reaching a low of 7.2611. While the sharp and swift drop appears to be running ahead of itself, there is scope for USD to drop below 7.2600. However, oversold conditions suggest it might not be able to maintain a foothold below this level. The next support at 7.2500 is unlikely to come into view. Should USD break above 7.2800 (minor resistance is at 7.2745), it would mean that it is not declining further.”
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