Further sideways trading seems likely; firmer underlying tone suggests a higher range of 7.1950/7.2200. In the longer run, renewed downward momentum suggests 7.1700 is back in sight, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Further sideways trading seems likely
24-HOUR VIEW: "USD dropped to 7.1791 on Tuesday and rebounded. Yesterday, Wednesday, we indicated that 'downward momentum has faded with the rebound.' We also indicated that USD 'is likely to trade sideways, probably between 7.1850 and 7.2100.' USD then traded in 7.1919/7.2158 range, closing at 7.2118, up by 0.21%. While further sideways trading still seems likely, the firmer underlying tone suggests a higher range of 7.1950/7.2200."
1-3 WEEKS VIEW: "We have held a negative USD view since early last week. As we tracked the price movements, we indicated two days ago (13 May, spot at 7.2000) that 'the renewed downward momentum suggests 7.1700 could be back in sight.' While USD has not been able to make significant headway on the downside, we will maintain our view as long as 7.2330 (no change in ‘strong resistance’ level) is not breached."
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