Likely to range-trade between 156.30 and 157.05 – UOB Group

US Dollar (USD) is likely to range-trade between 156.30 and 157.05. In the longer run, USD is likely to trade in a range between 155.60 and 157.50, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

USD is likely to trade in a range

24-HOUR VIEW: “We expected USD to ‘edge higher to 157.15’ yesterday. We pointed out that ‘based on the current momentum, any further advance is unlikely to reach 157.50’. Our expectations did not materialise as USD traded in a relatively quiet manner between 156.28 and 156.80, closing largely unchanged (156.76, +0.09%). The price action provides no fresh clues and today, we expect USD to range-trade, most likely between 156.30 and 157.05.”

1-3 WEEKS VIEW: “Our most recent narrative was from two days ago (06 Jan, spot at 156.70), in which we highlighted that USD ‘is likely to trade in range for now, most likely between 155.60 and 157.50’. We continue to hold the same view for now.”