As a substitute of continuous to rise, the US Greenback (USD) is prone to commerce in a sideways vary between 7.2450 and seven.2660. Within the longer run, momentum is constructing once more; USD may break above 7.2800, however it’s too early to find out if 7.3115 is inside attain, UOB Group’s FX analyst Quek Ser Leang and Lee Sue Ann word.
USD prone to commerce between 7.2450 and seven.2660
24-HOUR VIEW: “After USD soared in early Asian commerce yesterday, we indicated that ‘the sharp and swift rally seems to be overextended.’ Nonetheless, we have been of the view that ‘there may be room for USD to check the foremost resistance at 7.2800 earlier than levelling off.’ Whereas USD rose as anticipated, it solely reached a excessive of seven.2730 earlier than pulling again. Upward stress seems to have eased with the pullback. Immediately, as a substitute of continuous to advance, USD is extra prone to commerce in a sideways vary of seven.2450 and seven.2660.”
1-3 WEEKS VIEW: “Yesterday (26 Nov, spot at 7.2630), we famous that “momentum is constructing once more.” We added, “USD may break above 7.2800, however it’s too early to find out if 7.3115 is inside attain.” We proceed to carry the identical view. On the draw back, a breach of seven.2200 (no change in ‘sturdy help’ stage), would imply that the USD power from early this month has ended.”
