The US dollar (USD) is expected to be negotiated in a lateral range of 7,1970/7,2190. In the long term, a break of 7,2330 would indicate that the probability that the USD decline to 7,1700 has decreased, the FX analysts of UOB Group, quek being Leang and Peter Chia point out.
Above 7,2330, the probability of a fall to 7,1700 fades
24 -hour view: “We indicate yesterday that” although additional lateral trade seems likely, the strongest underlying tone suggests a higher range of 7,1950/7,2200. “The USD was negotiated laterally as expected, although in a narrower range of 7,2031/7.2154. The quiet price action does not provide new tracks, and we are still waiting for the USD to be negotiated laterally. Today: 7,1970/7,2190. In our most recent narrative on Tuesday (May 13, for 7.2000), we point out that ‘the renewed downward impulse suggests that 7,1700 could be in sight again.’ Since then, the USD has not been able to advance significantly down. However, only a break of 7,2330 (without change in the level of ‘strong resistance’) would indicate that the probability that the USD decline to 7,1700 has decreased. “
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.
