US Greenback (USD) is prone to commerce between 156.35 and 157.30. Within the longer run, the probability of USD rising to 158.00 is diminishing, UOB Group’s FX analysts Quek Ser Leang and Peter Chia observe.
USD is prone to commerce between 156.35 and 157.30
24-HOUR VIEW: “USD pulled again sharply to a low of 156.19 final Friday. Yesterday, when USD was at 156.70, we highlighted that ‘the sharp pullback seems to be overdone, and USD is unlikely to weaken a lot additional’. We anticipated USD to “commerce between 156.20 and 157.35.” USD subsequently traded inside a variety of 156.52/157.18. The worth motion gives no recent clues. In the present day, we anticipate USD to commerce between 156.35 and 157.30.”
1-3 WEEKS VIEW: “We turned constructive on USD early final week. After USD dropped to a low of 156.19 on Friday, we indicated yesterday (24 Nov, spot at 156.70) that ‘there’s nonetheless a probability — albeit a diminishing one — that USD might rise to 158.00’. We are going to preserve our view so long as 156.20 (no change in ‘sturdy help’ stage) will not be breached.”
