Pullback from the high could extend below 149.65 before stabilisation can be expected.
In the long run, US Dollar weakness appears to have stabilised; it is likely to trade in a range of 148.65/152.00 for now, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note. USD weakness appears to have stabilised 24-HOUR VIEW: “USD plummeted to 148.63 on Tuesday, and then rebounded quickly. In early Asian trade yesterday, we indicated that ‘the brief drop did not result in any increase in momentum, and we continue to expect USD to trade in a range, probably between 148.80 and 150.30.
USD is unlikely to threaten the major support at 148.65. Resistance levels are at 150.80 and 151.20.” 1-3 WEEKS VIEW: “We have held a negative USD view for two weeks now. Yesterday , we highlighted that ‘for USD to continue to decline, it must break and close below 148.65, which is acting as a significant support level now.’ We added, ‘should USD break above 150.80 , it would indicate that the weakness in USD has stabilised.’ USD subsequently soared to a high of 151.
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