The US Dollar (USD) is likely to edge higher; any advance is unlikely to break above 161.80. USD strength from the middle of last month has come to an end; for the time being, it is likely to trade in a 159.40/161.80 range, UOB Group FX strategists Quek Ser Leang and Peter Chia note.
24-HOUR VIEW: “Our view for USD to trade sideways between 160.30 and 161.30 yesterday was incorrect. USD rose to a high of 161.51, closing at 161.31 (+0.31%). There has been a slight increase in momentum. Today, USD is likely to edge higher, but any advance is unlikely to break above the major resistance at 161.80. On the downside, should USD break below 160.70 (minor support is at 161.00), it would mean that the mild upward pressure has faded.”
1-3 WEEKS VIEW: “Our update from Monday (08 Jul, spot at 160.65) still stands. As highlighted, the USD strength from the middle of last month has come to an end. The current price movements are likely part of a range trading phase. For the time being, USD is likely to trade between 159.40 and 161.80.”
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