In light of the oongoing up move, the pair could visit 113.70, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “We expected USD to the “test the 112.60/65 resistance” yesterday and the clear break of this level and the subsequent strong advance that hit a 3-week high of 113.09 came as a surprise. The rapid rally is severely overbought and while further advance is not ruled out, the prospect for a sustained break of 113.50 is not high (next resistance is at 113.70). On the downside, we expect 112.60 to be strong enough to hold any intraday pullback (minor support is at 112.85)”. Next 1-3 weeks: “While we indicated yesterday “the odds for further USD weakness have diminished”, the subsequent strong rally in USD that hit a 3-week high of 113.09 was clearly not expected (note that USD extended its gain after NY close). Short-term momentum is clearly strong but at this stage, it is unclear to us whether USD can maintain the current strength in the days ahead. From here, we see scope for USD to test the 113.70 resistance but the probability of a sustained move above this level is not high for now. All in, USD is expected to stay underpinned as long as the ‘key support’ at 112.60 is intact”. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CAD reverses Canadian GDP-led dip to 1.3100 neighborhood FX Street 4 years In light of the oongoing up move, the pair could visit 113.70, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: "We expected USD to the "test the 112.60/65 resistance" yesterday and the clear break of this level and the subsequent strong advance that hit a 3-week high of 113.09 came as a surprise. The rapid rally is severely overbought and while further advance is not ruled out, the prospect for a sustained break of 113.50 is not high (next resistance is at 113.70). On the downside, we expect 112.60 to be strong enough to hold any intraday pullback… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
