The US dollar (USD) probably rises slightly, but any progress is unlikely to reach the main resistance in 7,2330. In the long term, the downward impulse has vanished to a large extent; The USD will probably be negotiated in a range of 7,1850/7,2450 for now, the FX analysts of UOB Group, to be Leang and Peter Chia point out.
The advance is unlikely to reach 7.2330
24 -hour vision: “Yesterday, we expected the USD ‘to be negotiated in a lateral range of 7,1990/7,2190.’ Our lateral trade prediction was not incorrect, although the USD was negotiated in a narrower range than expected (7,2042/7,2178), largely closing unchanged (7,2140, +0.06%). Advance is unlikely to reach the main resistance in 7,2330.
Vision at 1-3 weeks: “We have maintained a negative vision of the USD since the beginning of this month. In our most recent narrative last Friday (May 16, Spot in 7,2040), we highlight that the USD ‘has not been able to advance significantly downward.’ We add, ‘However, only a break of 7,2330 (level of’ strong resistance ‘) would indicate that the probability that the USD goes down to 7,1700 has vanished.’ Although 7,2330 has not yet been broken, after the quiet price action in recent days, the downward impulse has vanished to a large extent.
Source: Fx Street
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