Set to continue choppy trading – UOB Group

The US dollar (USD) may continue to trade choppy but is likely to remain in the 140.00/146.00 range, note UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.

Likely to stay in the 140.00/146.00 range

24 HOURS: “The USD bounced back strongly on Monday, hitting a high of 143.91. Yesterday, when the USD was at 143.80, I thought “it could still go back to 144.50, but a sustained rally above this level is unlikely.” I pointed out that “support levels are at 143.30 and 142.80”. Our view was not wrong as the USD rose to 114.53, fell to 142.96 before returning to close largely unchanged at 143.56 (-0.04%). The price movements appear to be part of a range trading stage. Today, we expect the USD to trade between 142.90 and 144.30.”

WEEKS 1-3: “Our update from Monday (September 30, spot at 142.60) remains valid. As highlighted, the recent increase in upward momentum has dissipated. From here, the USD could continue to trade in a choppy fashion, but is expected to remain in the 141.00/146.00 range.”