Overbought advance might retest the 7.3145 level before a more continual pullback can be anticipated. Momentum stays strong; the next substantial resistance is at in 2015's high of 7.3678, UOB Group's FX experts Quek Ser Leang and Lee Sue Ann note.
Next considerable resistance is at in 2015's high of 7.3678
24-HOUR VIEW: “While we held the view that USD ‘might increase even more and break above 7.3000' the other day, we showed that ‘the significant resistance at 7.3115 is most likely out of reach in the meantime.' We undervalued the upward momentum, as USD skyrocketed to a high of 7.3145, alleviating off to close at 7.2985, greater by 0.17% for the day. Regardless of being deeply overbought, the advance appears to have sufficient momentum to retest the 7.3145 level before a more continual pullback can be anticipated. The next resistance at 7.3300 is not anticipated to come under risk. On the drawback, assistance is at 7.2860, followed by 7.2750.”
1-3 WEEKS VIEW: “We turned favorable in USD the other day (03 Dec, area at 7.2880), suggesting the ‘fast boost in momentum might result in USD increasing to 7.3115.' We did not anticipate USD to surpass the technical target as rapidly, as it rose to a high of 7.3145. Momentum stays strong, and now that USD has actually broken above 7.3145, the next substantial resistance level is at 7.3678, in 2015's high. To sustain the momentum, USD should not break listed below 7.2630 (‘strong assistance' level was at 7.2550 the other day).”
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