Chance for US Dollar (USD) to retest 156.70 before a more sustained pullback is likely. In the longer run, USD weakness has stabilized; it is likely to consolidate between 155.30 and 157.55 for the time being, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Chance for US Dollar to retest 156.70 before a more sustained pullback is likely. In the longer run, USD weakness has stabilized; it is likely to consolidate between 155.30 and 157.55 for the time being, UOB Group's FX analysts Quek Ser Leang and Peter Chia note. USD weakness has stabilized24-HOUR VIEW: Two days ago, USD dropped to 154.73 and then rebounded.
That said, there is a chance for USD to retest 156.70 level before a more sustained pullback is likely. The major resistance at 157.55 is unlikely to come under threat. Support is at 156.00; a breach of 155.60 would indicate that the current upward pressure has faded. 1-3 WEEKS VIEW: We turned negative in USD a week ago. Tracking the decline, we indicated yesterday that 'despite no pickup in downward momentum, there is a chance for USD to drop further to 154.40.
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