The US Dollar (USD) is likely to trade with a bullish bias. Conditions remain overbought, but the USD is likely to continue rising. Resistance levels are at 161.50 and 162.00, FX Strategists at the 2018 US Dollar (USD) note. UOB Group.
The next resistance level above 161.50 is 162.00
24 HOURS VIEW: “We expected the USD to trade in a range between 160.20 and 161.00 last Friday. However, the USD rose to 161.27, fell to 160.25 and then rebounded to close little changed at 160.83 (+0.06%) The USD traded on a firm note in Asian trade, and the bias is upwards. It remains to be seen if any advance can break above 161.50. Next resistance at 162.00 unlikely to come into play. Support is at 160.70, followed by 160.30.”
1-3 WEEK VIEW: “We have been expecting a higher USD since the middle of last month. In our latest narrative from last Thursday (June 27, pair at 160.60), we highlighted that ‘although conditions are severely overbought, strong momentum suggests further strength of the USD.’ We add, ‘resistance levels are at 161.00 and 161.50.’ On Friday, the USD rose above 161.00, reaching a high of 161.27, but conditions remain overbought. as long as the 159.80 level is not broken (previously ‘strong support’ level at 159.40), USD is likely to continue rising. The next resistance level above 161.50 is 162.00.”
Source: Fx Street
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