The US Dollar (USD) is anticipated to trade within a confined range, likely between 7.2820 and 7.2950, with a broader potential range from 7.2700 to 7.3100, according to UOB Group FX strategists Quek Ser Leang and Peter Chia.
USD Eyes to Break Above 7.2950
24-Hour View: “USD continues to trade in a quiet manner,” noted the strategists, referring to the narrow trading range observed yesterday between 7.2869 and 7.2931, which was even tighter than the expected 7.2820 to 7.2950 range. This subdued price action offers no new insights. The strategists maintain the expectation for USD to trade within the 7.2820 to 7.2950 range today.
1-3 Weeks View: Reflecting on the recent trend, the strategists highlighted last Thursday (04 Jul, spot at 7.3000) that the previously observed upward momentum has significantly weakened. They foresee the current price movements as part of a consolidation phase, predicting the USD to remain within the 7.2700 to 7.3100 range for the near term. This view remains unchanged.
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