The US Dollar (USD) will likely trade in a range between 152.50 and 153.80. Longer term, although conditions are severely overbought, there is a chance the USD advance could extend to 154.00 before pausing, note UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
Chance of USD advance extending to 154.00
24-HOUR VIEW: “After the USD rose to 153.87 two days ago and then retreated, we highlighted yesterday that ‘The pullback in overbought conditions suggests the USD is unlikely to rise further.’ We also highlight that the USD ‘is most likely to trade in a range between 152.45 and 153.60.’ Although the USD subsequently traded in a higher range of 152.74/153.86, it ended the day largely unchanged at 153.35 (+0.05%). “Today, we continue to expect the USD to trade in a range, probably between 152.50/153.80.”
1-3 WEEK VIEW: “Our update from yesterday (Oct 29, pair at 153.05) remains valid. As highlighted, ‘although conditions are severely overbought, there is a chance for the USD advance to extend to 154.00 before pausing.’ Overall, only a break of 151.90 (no change in ‘strong support’ level since yesterday) would indicate that the USD advance that began earlier this month is over.”
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.
