The USD will probably be traded in a lateral range of 145.70/147.50. In the long term, the bullish momentum has dissipated; The USD is expected to consolidate in a range of 144.50/148.50 for now, the FX analysts of the UOB Group, quek be Leang and Peter Chia point out.
The bullish momentum has dissipated
24 -hour perspective: “When the USD was in 147.60 at the beginning of yesterday’s Asian session, we noticed that ‘price movements still seem to be part of a phase of trade in rank.’ We expected the USD ‘to trade between 146.70 and 148.20.’ The sudden increase in volatility was surprising, since the USD collapsed to 145.58.
Perspective 1-3 weeks: “We have seen the USD in a positive way since the end of last week. In our most recent narrative two days ago (May 13, for 147.90), we expected ‘more strength of the USD.’ However, we indicate that ‘deep overcompra conditions could lead to a few days of trade in rank first.’ We also indicate that ‘we will continue to maintain the same vision as long as the level of 146.00 (‘ Strong support level ‘) is not broken.’ Yesterday, in a surprising movement, the USD collapsed to 145.58. The USD has probably entered a phase of consolidation, and we hope you will be traded in a range of 144.50/148.50 for now. “
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.
