Set to rise back to 146.50 – UOB Group

The US dollar (USD) could trade in a range, probably between 144.40 and 146.50. The USD is under pressure but does not appear to have enough momentum to threaten 141.66, the low hit earlier this month, note UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.

Bulls may try to reach 146.50 in the short term

24-HOUR OUTLOOK: “The USD oscillated between 144.44 and 146.59 in New York trade yesterday before closing largely unchanged at 145.26 (+0.01%). We are not able to get much out of the price action. Today, the USD could trade in a range, probably between 144.40 and 146.50.”

WEEKS 1-3: “After rebounding to a high of 149.39 last week, the USD fell, hitting a low of 144.44 yesterday. Downward momentum has picked up, but at the moment, it doesn’t seem to be enough for the USD to threaten 141.66, the low seen earlier this month. Note that there is another support level at 144.00. On the other hand, if the USD breaks above 148.00, it would indicate that the current downward pressure has disappeared.”