USD is most likely to sell a variety in between 7.1770 and 7.1970. In the longer run, USD has most likely moved into a 7.1620/ 7.2200 variety trading stage, UOB Group’s FX experts Quek Ser Leang and Peter Chia note.
USD has most likely moved into a variety trading stage
24-HOUR VIEW: “We anticipated USD to ‘sell a variety in between 7.1700 and 7.1950’ last Friday. USD consequently sold a narrower variety than anticipated (7.1713/ 7.1900). The cost action supplies no fresh hints, and we continue to anticipate variety trading today, probably in between 7.1770 and 7.1970.”
1-3 WEEKS VIEW: “In our newest story from last Monday (09 Jun, area at 7.1870), we highlighted that the current ‘moderate down momentum has actually alleviated, and USD has most likely returned into a variety trading stage, most likely in between 7.1620 and 7.2200.’ Ever since, USD has actually traded within the variety, and our view stays the same in the meantime.”
Source: FXstreet.
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