Scope for US Dollar (USD) to drop below 7.2600, but it might not be able to maintain a foothold below this level, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
Scope for US Dollar to drop below 7.2600, but it might not be able to maintain a foothold below this level, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note. A break below 7.2600 may lead to 7.2400 24-HOUR VIEW: “Yesterday, we indicated that USD could rise to 7.2990 before the risk of a pullback increases. However, USD plummeted from a high of 7.2909, reaching a low of 7.2611. While the sharp and swift drop appears to be running ahead of itself, there is scope for USD to drop below 7.
2800 , it would mean that it is not declining further.” 1-3 WEEKS VIEW: “Last Friday , we indicated that USD ‘is likely to trade with a downward bias towards 7.2400, as long as it remains below 7.2910.’ After USD rose to 7.2924, we highlighted yesterday that ‘downward momentum has faded, but while upward momentum has increased slightly, it is not enough to suggest a sustained advance.’ We expected USD to trade in a 7.2600/7.3100 range. We did not anticipate USD to fell sharply to a low of 7.
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