Created
: 2024.09.23
2024.09.23 19:57
Strong momentum suggests further US Dollar (USD) strength; the major resistance at 145.50 is likely out of reach. In the longer run, sharp advance reinforces view that USD could recover further to 145.50, UOB Group FX strategists Quek Ser Leang and Peter Chia note.
24-HOUR VIEW: "Our view for USD to trade in a 141.50/143.80 range last Friday was incorrect. USD dipped to a low of 141.72 and then lifted off, surging to a high of 144.49. While the rally is reaching overbought levels, strong momentum suggests further USD strength. However, any further advance is unlikely to reach the major resistance at 145.50 (there is another resistance level at 144.80). To keep the momentum going, USD must remain above 143.10 with minor support at 143.60."
1-3 WEEKS VIEW: "Last Thursday (19 Sep), when USD was trading at 143.00, we indicated that 'if USD can break clearly above 144.00, it could trigger a stronger recovery towards 145.50.' We added, 'the likelihood of USD breaking clearly above 144.00 will remain intact, provided that the 'strong support' level at 141.00 is not breached.' On Friday, USD broke clearly above 144.00, reaching a high of 144.49. The sharp advance reinforces our view that USD could recover further to 145.50. On the downside, the 'strong support' level has moved higher to 141.90 from 141.00."
Created
: 2024.09.23
Last updated
: 2024.09.23
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy