Improve in momentum is prone to result in additional US Greenback (USD) advance; 157.50 is probably going out of attain for now. Within the longer run, USD is dealing with delicate upward stress and will drift greater and check 157.50, UOB Group’s FX analysts Quek Ser Leang and Peter Chia word.
USD is dealing with delicate upward stress
24-HOUR VIEW: “Final Friday, USD rose and closed at 156.81, up by 0.10%. USD continues to rise upon opening right now. Whereas the rise in momentum is prone to result in additional advance, the resistance at 157.50 is probably going out of attain for now. Help is at 156.75; a breach of 156.60 would imply the USD will not be advancing additional.”
1-3 WEEKS VIEW: “Whereas the value motion in USD over the previous few weeks seems to be a part of a consolidation part, the agency underlying tone suggests there may be room for USD to float greater and check 157.50. A break above 157.50 will not be dominated out, however given the present delicate upward momentum, USD is unlikely to threaten final month’s excessive, close to 157.80. To maintain the delicate upward momentum, USD should not break beneath 156.35 (‘robust assist’ stage).”
