UOB Group's FX analysts predict a downward bias for the US Dollar (USD) in the near and medium term. The current weakness is seen as part of a lower range of 155.80/157.00. However, a rapid increase in momentum suggests further USD decline, with a technical target at 154.90.
US Dollar is likely to trade with a downward bias; any decline is viewed as part of a lower range of 155.80/157.00. In the longer run, rapid increase in momentum indicates further USD weakness, with a technical target at 154.90, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note. Rapid increase in momentum indicates further USD weakness24-HOUR VIEW: “The sharp drop in USD that sent it plunging to 155.93 was surprising . The sharp and swift selloff seems to be excessive.
Overall, USD is more likely to trade with a downward bias today. However, any weakness is viewed as part of a lower range of 155.80/157.00. To look at it another way, a sustained decline below 155.80 is unlikely today.”1-3 WEEKS VIEW: “We indicated two days ago that that ‘the current price movements are likely part of a consolidation phase, expected to be between 156.50 and 158.50.’ Yesterday, USD decisively broke below 156.50, reaching a low of 155.93.
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