The US Dollar (USD) is likely to trade in a range between 152.45 and 153.60. In the longer run, while conditions are severely overbought, there is a chance for the advance in USD to extend to 154.00 before pausing, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
Conditions are severely overbought
24-HOUR VIEW: “We expected USD to ‘rise above the major resistance at 153.40’ yesterday. However, we pointed out that ‘the major resistance at 154.00 is likely out of reach.’ Our view was not wrong, as USD rose to 153.87, pulling back to close at 153.28 ( 0.64%). The pullback in overbought in overbought conditions suggests USD is unlikely to rise further. Today, USD is more likely to trade in a range between 152.45 and 153.60.”
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