To trade in a range higher than 147.50/148.70 – UOB Group

Further trading looks likely, albeit in a higher 147.50/148.70 range. In the longer term, the US dollar (USD) is expected to continue to rise, potentially breaking above 149.40, note UOB Group Quek Ser Leang and Peter Chia.

It can break above 149.40

24 HOUR VIEW: We highlighted yesterday that the USD “appears to have entered a range trading phase” and expected it to trade between 147.00 and 148.80. The USD later traded in a range of 147.33/148.37, closing largely unchanged at 148.19 (+0.01%). While further range trading looks likely, the slightly firmer underlying tone suggests a higher range of 147.50/148.70.”

WEEKS 1-3: “On Monday (Oct 07 at 148.60), we highlighted that the USD “is expected to continue higher, potentially above 149.40. I added, “should the USD break below 146.40 (a ‘strong support’ level”), it would indicate no further upside. Our opinion stands.”