The US Dollar (USD) is likely to trade in a range between 152.50 and 153.80. In the longer run, while conditions are severely overbought, there is a chance for the advance in USD to extend to 154.00 before pausing, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
Chance for the advance in USD to extend to 154.00
24-HOUR VIEW: “After USD rose to 153.87 two days ago and then pulled back, we highlighted yesterday that ‘The pullback in overbought conditions suggests USD is unlikely to rise further.’ We also highlighted that USD ‘is more likely to trade in a range between 152.45 and 153.60.’ Although USD subsequently traded in a higher range of 152.74/153.86, it ended the day largely unchanged at 153.35 (+0.05%). There has been no clear increase in either downward or upward momentum. Today, we continue to expect USD to trade in a range, probably between 152.50/153.80.”
1-3 WEEKS VIEW: “Our update from yesterday (29 Oct, spot at 153.05) is still valid. As highlighted, ‘while conditions are severely overbought, there is a chance for the advance in USD to extend to 154.00 before pausing.’ Overall, only a breach of 151.90 (no change in ‘strong support’ level from yesterday) would indicate that the USD advance that started early this month has ended.”
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