The US Greenback (USD) is more likely to commerce with a downward bias; the likelihood of it breaking the numerous help at 140.80 just isn’t excessive, UOB Group FX analysts Quek Ser Leang and Peter Chia word.
Chance of it breaking beneath 140.80 just isn’t excessive
24-HOUR VIEW: “We anticipated USD to commerce in a variety between 142.40 and 144.00 yesterday. USD then traded in a 142.18/143.71 vary, closing on a comfortable word at 142.43 (-0.53%). Downward momentum is starting to construct, however not sufficient to counsel the beginning of a sustained decline. Nonetheless, so long as 143.30 (minor resistance is at 142.70) just isn’t breached, USD is more likely to edge decrease, doubtlessly breaking beneath July’s low of 141.66. The numerous help stage at 140.80 is unlikely to come back beneath risk.”
1-3 WEEKS VIEW: “We proceed to carry the identical view as from Monday (09 Sep, spot at 142.65). As highlighted, we count on USD to commerce with a downward bias. Nonetheless, given the tentative buildup in momentum, the likelihood of USD breaking the numerous help stage at 140.80 just isn’t excessive. To keep up the buildup in momentum, USD should not breach the ‘sturdy resistance’ at 144.00 (no change in stage).”
