ior FX Strategist Peter Chia. Key Quotes 24-hour view:We expected USD to trade in a range between 149.90 and 150.70 last Friday. However, USD fell to a low of 149.45 before ending the day on a soft note at 149.60 . Despite the relatively sharp drop, downward momentum has not improved much. That said, USD has scope to test 149.35 before the risk of a rebound increases. The major support at 149.00 is unlikely to come under threat. Resistance is at 150.00; a breach of 150.
Next 1-3 weeks:Last Thursday , we highlighted that “while upward momentum is beginning to improve, in order for USD to advance in a sustained manner, it must break and stay above 150.50.” After USD rose to a high of 150.77 , we highlighted on Friday that “upward momentum has not improved further, and the resistance level has moved higher.” We added, USD now “has to break clearly above 151.00 before a sustained advance is likely.” USD then dropped sharply to a low of 149.45.