Created
: 2024.10.10
2024.10.10 18:47
The US Dollar (USD) is likely to rise above 149.50; it does not seem to have enough momentum to break clearly above 150.05. In the longer run, although momentum has not increased much; further USD strength seems likely. Levels to watch are 150.05 and 151.00, UOB Group's FX analysts Quek Ser Leang and Lee Sue Ann note.
24-HOUR VIEW: "We detected a "slightly firmed underlying tone" yesterday, and we expected USD to "trade in a higher range of 147.50/148.70." However, USD rose and almost reached the major resistance at 149.40 (high has been 149.36). Today, as long as 148.50 (minor support is at 148.90) is not breached, USD is likely to rise above 149.50. At this time, it does not seem have enough momentum to break clearly above 150.05."
1-3 WEEKS VIEW: "Our most recent narrative was from Monday (07 Oct, spot at 148.60), wherein USD "is expected to continue to rise, potentially breaking above 149.40." Yesterday (Wednesday), USD rose to a high of 149.36. Although upward momentum has not increased much, further USD strength seems likely. Levels to watch above 149.50 are at 150.05 and 151.00. To maintain the momentum, USD must not break below 147.50 ('strong support' level previously at 146.40)."
Created
: 2024.10.10
Last updated
: 2024.10.10
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