The US Dollar (USD) continues to trade in a range of 7.2600/7.3100, say UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
Oscillations in the range of 7.2600/7.3100 continue
24-HOUR VIEW: “Yesterday we noted that ‘there has been a slight increase in momentum.’ We expected the USD to rise, but we highlighted that ‘as the bullish momentum is not strong, any advance is unlikely to reach 7.2980.’ Our view was not wrong, although the USD advance almost reached 7.2980 (the high was 7.2973). The bullish momentum has increased further, although not by much. We still expect the USD to rise, but today, the advance is unlikely to reach 7.3100 (there is another resistance level at 7.3035). Support is at 7.2900, followed by 7.2820.”
1-3 WEEK VIEW: “Our update from yesterday (July 22, pair at 7.2870) remains valid. As highlighted, recent price action suggests that the USD continues to trade in a range of 7.2600/7.3100.”
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.
