The US Dollar (USD) is expected to trade between 143.00 and 144.20. In the longer run, sharp advance reinforces view that USD could recover further to 145.50, UOB Group FX analysts Quek Ser Leang and Peter Chia note.
Break above 144.20 to lead to 145.50
24-HOUR VIEW: “Our view for “further USD strength” did not turn out, as it traded between 143.16 and 144.45, closing at 143.60. The price movements appear to be part of a range trading phase. Today, we expect USD to trade between 143.00 and 144.20.”
1-3 WEEKS VIEW: “Our update from yesterday (23 Sep, spot at 144.20) remains valid. As highlighted, the strong advance in USD last week reinforces our view that USD could recover further to 145.50. Our view will be invalidated if USD breaks below 141.90 (no change in ‘strong support’ level).”
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