Room for the sharp rally to test 7.2800 before levelling off; the next resistance at 7.3000 is unlikely to come into view.
In the longer run, momentum is building again; USD could break above 7.2800, but it is too early to determine if 7.3115 is within reach, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note. There’s room for a test of 7.2800 before levelling off 24-HOUR VIEW: “USD indicated the following yesterday: ‘The outlook is mixed, and today, we expect USD to trade between 7.2300 and 7.2600.’ USD then traded in a narrower range of 7.2360/7.2577. USD closed at 7.
2800 before levelling off. The next resistance at 7.3000 is unlikely to come into view. On the downside, support levels are at 7.2550 and 7.2430.” 1-3 WEEKS VIEW: “We have held a positive view for more than two weeks now. In our latest narrative from last Monday , we indicated that ‘momentum is beginning to slow, and if USD breaks below 7.2000 would mean that USD is not rising further.’ USD traded in a relatively quiet manner until today, when in a sudden move, it soared.
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