The US Dollar (USD) is likely to trade in a sideways range of 7.2850/7.2950, but it’s also likely to rise above this range.
The US Dollaris likely to trade in a sideways range of 7.2850/7.2950, but it’s also likely to rise above this range. Resistance levels to watch are at 7.3000 and 7.3100, UOB Group analysts say. A breach below 7.2700 to turn the USD southwards 24-HOUR VIEW: “Our view for USD to continue to rise last Friday was incorrect, as it traded sideways between 7.2838 and 7.2920, closing largely unchanged .
There has been no increase in momentum, and USD could continue to trade sideways today, likely in a range of 7.2850/7.2950.” 1-3 WEEKS VIEW: “We have expected USD to strengthen since early last week . In our latest update from last Friday , we indicated that ‘further USD strength is likely, and the resistance levels to watch are 7.3000 and 7.3100.’ There is no change in our view. On the downside, a breach of 7.2700 would mean that USD is not strengthening further.
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