Further range trading appears likely, albeit in a higher range of 147.50/148.70. In the longer run, the US Dollar (USD) is expected to continue to rise, potentially breaking above 149.40, UOB Group Quek Ser Leang and Peter Chia note.
Can potentially break above 149.40
24-HOUR VIEW: “We highlighted yesterday that USD ‘appears to have entered a range trading phase,’ and we expected it to trade between 147.00 and 148.80. USD subsequently traded in a 147.33/148.37 range, closing largely unchanged at 148.19 ( 0.01%). While further range trading appears likely, the slightly firmed underlying tone suggests a higher range of 147.50/148.70.”
1-3 WEEKS VIEW: “On Monday (07 Oct, spot at 148.60), we highlighted that USD ‘is expected to continue to rise, potentially breaking above 149.40.’ We added, ‘should USD break below 146.40 (‘strong support’ level), it would indicate that it is not rising further.’ Our view remains valid.”
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