The US Dollar (USD) is likely to trade in a range, probably between 7.2680 and 7.2880. Bearish momentum is picking up again; the USD needs to break and hold below 7.2600 before a drop to 7.2400 can be expected, note UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
Limited in a range between 7.2680 and 7.2880
24-HOUR VIEW: “Yesterday, we held the view that ‘there is scope for the USD to fall below 7.2600, but it might not be able to hold a foothold below this level.’ The USD subsequently fell to 7.2611 and then bounced to close virtually unchanged (7.2787, +0.09%). Today, we expect the USD to trade in a range, likely between 7.2680 and 7.2880.”
1-3 WEEK VIEW: “Our update from yesterday (July 18, pair at 7.2680) remains valid. As highlighted, bearish momentum is building, but USD needs to break and sustain below 7.2600 before a drop to 7.2400 can be expected. The possibility of USD clearly breaking below 7.2600 remains intact as long as 7.2900 is not breached.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
