US Dollar (USD) could rise to 145.50; A sustained advance above this major resistance level is unlikely. Longer term, the USD has to break and maintain a position above 145.50 before a further advance is likely, note UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
USD/JPY may rise towards 145.50 in the short term
24-HOUR VIEW: “Yesterday when USD was at 144.60, we indicated that ‘USD rally has room to extend above 145.00, but major resistance at 145.50 is likely out of reach for now .’ We also stated that ‘to maintain momentum, USD must remain above 144.00 with minor support at 144.35.’ Our view was not wrong, as the USD rose to 145.21, fell to 144.10 and then closed virtually unchanged at 144.80 (+0.03%). Although the bullish momentum has not increased significantly, today, The USD could rise above the main resistance at 145.50. A sustained advance above this level seems unlikely. The next resistance at 146.10 is also unlikely to come into play. Support levels are at 144. .65 and 144.25.”
1-3 WEEK VIEW: “In our most recent narrative on Monday (September 23, pair at 144.20), we highlighted that ‘the strong advance of the USD last week reinforces our view that the USD could recover further until 145.50.’ Yesterday, the USD rose and reached a high of 145.21. We continue to expect the USD to rise to 145.50, but it has to break and maintain a position above this level before a further advance is likely. momentum has not increased much, the possibility of it reaching the next major resistance at 147.00 is not high for now (there is another resistance at 146.10 Overall, we will remain positive on the USD as long as the level is not broken). 143.40 (‘strong support’ level previously at 142.30).”
Source: Fx Street
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