The US Dollar (USD) could continue to trade choppyly, but is likely to remain within a range of 140.00/146.00, note UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
Likely to stay within a range of 140.00/146.00
24 HOURS VIEW: “On Monday, the USD bounced strongly, reaching a high of 143.91. Yesterday, when the USD was at 143.80, we were of the view that it could bounce further to 144.50, but is unlikely to rise sustainably for above this level.’ We note that ‘support levels are at 143.30 and 142.80.’ Our view was not wrong, as the USD rose to 114.53, fell to 142.96, bouncing to close virtually unchanged at 143.56 (-0.04%). Price movements appear to be part of a range trading phase Today. “We expect the USD to trade between 142.90 and 144.30.”
1-3 WEEKS VIEW: “Our update from Monday (September 30, pair at 142.60) remains valid. As highlighted, the recent buildup of bullish momentum has dissipated. From here, the USD could continue to trade steadily. choppy, but expected to remain within a range of 141.00/146.00.”
Source: Fx Street
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