The US Dollar (USD) is expected to trade in a range of 7.2550/7.2900. Longer term, the current price movements are likely part of a range trading, probably between 7.2400 and 7.2900, note UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
Current price movements are probably part of a range trading
24 HOUR VIEW: “Yesterday, we expected the USD to ‘trade in a range, probably between 7.2500 and 7.2900.’ However, the USD traded in a tighter range than expected (7.2560/7.2833), closing virtually unchanged at 7.2790 (-0.02%). Momentum indicators are neutral, and further range trading seems likely. Expected range for today: 7.2550/7.2900.”
1-3 WEEK VIEW: “Our most recent narrative was from last Friday (Dec 6, spot at 7.2660), where ‘the current price movements are likely part of a range trading, probably between 7.2400 and 7.2900.’ The USD has traded relatively calmly in recent days and there is no change in our view.”
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.
