The US Dollar (USD) is likely to trade in a sideways range of 7.1700/7.1880.
The US Dollar is likely to trade in a sideways range of 7.1700/7.1880. Downward momentum is fading, and the likelihood of USD revisiting the 7.0635 support level has diminished, UOB Group FX strategists Quek Ser Leang and Peter Chia note. A move below 7.1700 is possible near term 24-HOUR VIEW: “Last Friday, USD traded sideways before closing largely unchanged. Yesterday , we held the view that ‘further sideways trading seems likely, probably in a range of 7.1620/7.1900.
The price action provides no fresh clues. Today, we continue to expect USD to trade sideways, likely in a range of 7.1700/7.1880.” 1-3 WEEKS VIEW: “We have held a negative USD view since late last month . After USD fell sharply to 7.0636 and rebounded, in our update from last Tuesday , we highlighted that ‘while further USD weakness is not ruled out, the low near 7.0635 is solid support now.’ We added, ‘a breach of 7.2000 would mean that the weakness has stabilised.
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