Further advance in US Dollar (USD) seems likely, but it is unlikely to reach 7.2050, not to mention 7.2300, UOB Group Quek Ser Leang and Lee Sue Ann note.
Breaking below 7.1500 is quite possible
24-HOUR VIEW: “After USD fell to 7.1317 two days and rebounded, we indicated yesterday that ‘the decline seems to have stabilised.’ We expected USD to ‘trade in a 7.1350/7.1630 range.’ Instead of trading in a range, USD lifted off in NY trade, soaring to a high of 7.1843. The rapid rise has gathered momentum, and further advance in USD seems likely. However, the resistance at 7.2050 is likely out of reach for now (minor resistance is at 7.1950). To maintain the buildup in momentum, USD must remain above 7.1650 with minor support at 7.1750.”
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