USD/TWD: Uptrend is likely to extend on a break past 31.50/31.58 – SocGen
|The TWD is languishing ahead of the presidential election on Saturday. Economists at Société Générale analyze USD/TWD outlook.
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USD/TWD has experienced a quick bounce after testing the trend line drawn since 2022 near 30.48. Cross above the upper band of a pattern resembling falling wedge denotes possibility of further upside.
Recent gap at 30.80 is near term support. Defence of this level can lead to continuation in up move towards 50-DMA and recent pivot high at 31.50/31.58; this is an important hurdle. If the pair overcomes this zone, the uptrend is likely to extend.
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