The US Dollar (USD) is expected to continue trading choppily, according to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann. While there could be a further rebound in the short-term, a sustained rise above 144.50 is unlikely. In the longer run, the upward momentum for the USD has dissipated, and it is expected to stay within a range of 140.00 to 146.00.
In the 24-hour view, the analysts noted that the USD could rebound further to 144.50 after dropping to 141.63, reaching a high of 143.91 in NY trade. However, a sustained rise above 144.50 is unlikely. Support levels are at 143.30 and 142.80. The USD is expected to continue trading choppily in the short-term.
Looking ahead 1-3 weeks, the analysts believe that the recent upward momentum for the USD has dissipated. While the currency could continue to trade in a choppy manner, it is likely to stay within a range of 141.00 to 146.00. The USD is not expected to see a sustained rise above 144.50 in the longer run, indicating a continuation of the choppy trading pattern.
It is important for traders and investors to closely monitor the USD’s movements within the specified range of 140.00 to 146.00. While there could be short-term rebounds and declines, the overall trend for the USD is expected to be choppy. Support levels at 143.30 and 142.80 should be closely watched for potential reversals in the USD’s movement.
Overall, the USD’s forecast suggests that it will continue to trade in a choppy manner, with limited gains above 144.50. Traders and investors should be aware of the support levels at 143.30 and 142.80 as potential reversal points for the USD’s movement. The longer-term outlook for the USD indicates a range-bound trading pattern within 140.00 to 146.00.
