Sharp drop in USD has scope to extend. Any decline is likely part of a lower trading range of 150.50/155.00, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
Bears to break below 150.50
24-HOUR VIEW: “Our view for USD to trade in a range was incorrect. USD traded in a volatile manner, rising to 155.21 before plunging to a low of 152.64. The sharp drop from the high has scope to extend, but given that conditions are approaching oversold levels, it is yet to be determined if any further decline can reach the major support at 151.30 (there is another support level at 151.90). Resistance levels are at 153.20 and 153.80.”
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.