US Dollar (USD) could trade in a range between 153.30 and 154.40. In the longer run, USD appears to have entered a 152.40/154.40 range-trading phase, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
USD appears to have entered a range-trading phase
24-HOUR VIEW: “When USD was at 153.55 in the early Asian trade yesterday, we indicated that ‘there is scope for USD to move lower to 153.00’. We pointed out that ‘based on the current momentum, a clear break below this level is unlikely’. We also indicated that ‘resistance levels are at 153.80 and 154.10’. Although USD subsequently dropped to a low of 152.94, it then rebounded strongly to a high of 154.35. We are not able to derive much insight from the price action. Today, USD could trade in a range, likely between 153.30 and 154.40.”
1-3 WEEKS VIEW: “We continue to hold the same view as yesterday (05 Nov, spot at 153.55). As highlighted, USD appears to have entered a range-trading phase, and for the time being, it is likely to trade between 152.40 and 154.40.”