A slight increase in bullish momentum could lead to the US Dollar (USD) testing the 7.1220 level. In the longer term, at the moment, the US dollar is likely to trade between 7.1020 and 7.1285, UOB Group FX analysts Que Ser Liang and Peter Chia noted.
The US dollar is likely to trade between 7.1020 and 7.1285
24-hour view: “We expect the USD to ‘trade in a range between 7.1020 and 7.1170’. However, the USD rose to a high of 7.1206. A slight increase in upside momentum could see the USD test the 7.1220 level. A clear break above this level is unlikely. Support is at 7.1120 and 7.1080.”
1-3 week view: “After maintaining a negative stance on the USD for several days, we highlighted on Tuesday (Nov 18, spot at 7.1100) that ‘the downside momentum is starting to slow, and if the USD breaks above 7.1170 (the “strong resistance” level), it will mean that the weakness from the middle of last week has stabilized.” Yesterday, the USD broke above 7.1170 as it rose to a peak as shown. USD weakness stabilized, and at the same time Currently, we expect the US dollar to trade between 7.1020 and 7.1285.
