Momentum indicators suggest further range trading for the USD, likely between 7.3380 and 7.3580. Upward momentum is weakening, and a break below 7.3250 could indicate a move towards 7.3700 is unlikely.
Momentum indicators are turning flat, suggesting further range trading , probably in a range of 7.3380/7.3580. Upward momentum is beginning to fade; a breach of 7.3250 would suggest that 7.3700 is not coming into view, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Momentum indicators are turning flat24-HOUR VIEW: We highlighted yesterday that 'while downward momentum has not increased much, there is room for USD to test the 7.3320 level.' USD did not quite test 7.3320 and it traded in a 7.3350/7.3520 range. It closed largely unchanged at 7.3455 . Momentum indicators are turning flat, suggesting further range trading today, probably in a range of 7.3380/7.3580. 1-3 WEEKS VIEW: We have held the view that 'there is room for USD to retest the 7.3700' since early last week. Yesterday , we noted that 'upward momentum is beginning to fade, and a breach of 7.3250 would suggest that 7.3700 is not coming into view.' We continue to hold the same view.
FOREX USD Momentum Range Trading Support Levels
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