USD/TWD: Uptrend is likely to extend on a break past 31.50/31.58 – SocGen

FXStreet Insights Team FXStreet

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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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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