USD is likely to trade with an upward bias. Conditions remain overbought, but USD is likely to continue to rise.
The US Dollar is likely to trade with an upward bias. Conditions remain overbought, but USD is likely to continue to rise. Resistance levels are at 161.50 and 162.00, UOB Group FX strategists note. Next resistance level above 161.50 is 162.00 24-HOUR VIEW: “We expected USD to trade in a range between 160.20 and 161.00 last Friday. However, USD rose to 161.27, dropped to 160.25, and then rebounded to close little changed at 160.83 .
The next resistance at 162.00 is unlikely to come into view. Support is at 160.70, followed by 160.30.” 1-3 WEEKS VIEW: “We have expected a higher USD since the middle of last month. In our latest narrative from last Thursday , we highlighted that ‘while conditions are severely overbought, strong momentum suggests further USD strength.’ We added, ‘resistance levels are at 161.00 and 161.50.’ On Friday, USD rose above 161.00, reaching a high of 161.27.
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