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The US Dollar (USD) is likely to trade in a sideways range of 7.2750/7.2910. UOB Group analysts point out that the resistance levels to watch are 7.3000 and 7.3100.
Resistance is located at 7.3000 and 7.3100
24-hour view: “Yesterday we noted that the US dollar “may continue to trade sideways, likely in the 7.2850/7.2950 range.” The US dollar then traded in a wider range than expected (7.2771/7.2937), closing slightly lower By 0.12% at 7.2830 Price action still appears to be part of a sideways trading phase however, a slightly weaker fundamental tone suggests that the US dollar is likely to trade in a lower range at 7.2750/7.2910.
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” Resistance levels to watch are 7.3000 and 7.3100. Yesterday the USD made a new high at 7.2937 before pulling back. There was a slight slowdown in momentum, but only a break of 7.2700 (no change in the ‘strong support’ level) It will mean that the US dollar does not strengthen further.
