The US Dollar (USD) is likely to trade in a range between 7.1100 and 7.1430. In the longer run, strong and sudden surge suggests further USD strength to 7.1600, potentially 7.1900, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
24-HOUR VIEW: “Two days ago, USD soared. Yesterday, we indicated that ‘USD strength is likely to continue’ Our view did not turn out, as USD traded in a relatively quiet manner between 7.1138 and 1.7383, closing largely unchanged at 7.1345 (-0.03%). The current price movements are likely part of a range trading phase. Today, we expect USD to trade between 7.1100 and 7.1430.”
1-3 WEEKS VIEW: “After USD soared two days ago, we turned positive in USD yesterday (16 Oct, spot at 7.1350), indicating that ‘the strong and sudden surge suggests further USD strength to 7.1600, potentially 7.1900. We highlighted that ‘to keep the momentum going, USD must not break below the ‘strong support’ level, now at 7.0900.’ There is no change in our view.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.