short-term outlook remains mixed – UOB Group


Forecast for 24 hours:

“Our forecast, which implies a sharp USD drawdown, was confirmed, but the price rebounded from 103.51, while we expected a test of 103.25. Momentum indicators are neutral and today the pair may trade in a sideways range of 103.70 – 104.10 “.

Forecast for 1-3 weeks:

“After 4 days of growth, the sharp and unexpected drop in USD on January 12 came as a surprise to us. While our strong support at 103.50 remains unbreakable, the sharp weakening of the bullish momentum suggests that the uptrend that started last week has ended faster than expected (we assumed a breakdown of 104.60). Strong, but short-term growth and subsequent sharp decline led to an ambiguous forecast. Further, the dollar can trade between 103.00 and 104.40 “.

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Karice Dabule

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