The US Dollar (USD) could rise above 7.2200; the next resistance at 7.2400 is unlikely to come into view.
The US Dollar could rise above 7.2200; the next resistance at 7.2400 is unlikely to come into view. In the longer run, surge in momentum suggests further USD strength, but the pace and extent is likely to be more moderate. The level to watch is 7.2400, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note. The level to watch on the upside is 7.2400 24-HOUR VIEW: “We indicated that despite USD surging in early Asian trade yesterday, ‘the impulsive advance could extend to 7.
The next resistance at 7.2400 is unlikely to come into view. To maintain the momentum, USD must not break below 7.1600 .” 1-3 WEEKS VIEW: “Yesterday , we revised our negative view to neutral, indicating that ‘downward momentum has largely faded.’ We also indicate that USD ‘could trade in a broad 7.0900/7.1800 range.’ We clearly did not anticipate USD to lift off and skyrocketed to 7.2095.
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