Upward momentum is building, but for a continued advance, US Dollar (USD) must first close above 7.1910, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Upward momentum is building
24-HOUR VIEW: "We expected USD to 'continue to rise' yesterday, but we stated that 'overbought conditions indicate that the major resistance at 7.1910 could be out of reach for now.' However, USD traded in a tight range between 7.1774 and 7.1848, closing unchanged at 7.1813. The price movements are likely part of a range trading phase. Today, we expect USD to trade between 7.1700/7.1835."
1-3 WEEKS VIEW: "Subsequent to USD price action two days ago, we indicated the following yesterday (29 Jul, spot at 7.1820): 'Upward momentum is building, but for a continued advance, USD must first close above 7.1910. The likelihood of USD closing above 7.1910 will increase in the coming days as long as it holds above 7.1660.' We continue to hold the same view."
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