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The US Dollar (USD) is likely to rise. UOB Group analysts point out that any advance is unlikely to reach the key resistance levels at 7.3000 and 7.3100.
Below $7.2700 to turn lower
24-hour view: “Yesterday we noted that “price action still looks like part of a sideways trading phase.” We expected the USD to trade in a range of 7.2750/7.2910. The USD then traded in a slightly narrower range between 7.2763 and 7. 2907. Despite the calm price action, there was a slight increase in momentum today and the US dollar is likely to rise, but any advance is unlikely to reach the key resistance level at 7.3000. Note that there is another resistance level at 7.2945 They are located at 7.2830 and 7.2780.”
1-3 week view: “We have expected the US dollar to rise since early last week. In our latest update from last Friday (Jun 21, spot 7.2920), we noted that “Further US dollar strength is likely” And the resistance levels to watch are 7.3000 and 7.3100. While the US dollar was unable to make any further progress to the upside, we continue to hold the same view at the moment. However, if the US dollar breaks below 7.2700 ( There is no change in the “strong support” level, which means that the US dollar is not getting stronger.”
