The US Dollar (USD) is expected to trade within a range in the upcoming days, according to analysts from UOB Group FX. The analysts, Quek Ser Leang and Lee Sue Ann, noted that downward momentum in the US Dollar is beginning to weaken. They mentioned that if the USD breaches the 148.30 mark, it would indicate that the weakness in the USD has stabilized. The analysts predict that the USD may test the 147.80 mark in the markets in the near future.
In the 24-hour view, the analysts observed a slight increase in downward momentum in the USD. They expected the USD to edge lower but mentioned that any decline is unlikely to break below 146.00. Their prediction turned out to be accurate as the USD briefly dropped to 146.07 but quickly rebounded to close at 147.31, showing a slight increase of 0.33%. The analysts expect the USD to trade within a range of 146.50 to 147.80 in the upcoming trading session.
Looking at the 1-3 weeks outlook, the analysts’ update from three days ago remains valid. They noted that downward momentum in the USD is starting to wane, and a breach of 148.30 would indicate that the recent weakness in the USD has stabilized. The analysts did not change the ‘strong resistance’ level in their analysis, indicating that the USD may potentially strengthen if it breaches this level in the coming weeks.
Overall, the analysts from UOB Group FX are closely monitoring the USD’s movements and predict that it may trade within a specific range in the near future. They emphasize the importance of breaching the 148.30 mark as an indicator of potential stabilization of USD weakness. Additionally, they suggest that markets may push the USD upwards to test the 147.80 mark in the upcoming trading sessions.
In conclusion, the USD is expected to trade within a range, with analysts closely monitoring downward momentum in the currency. A breach of the 148.30 mark could signify the stabilization of the recent weakness in the USD. Traders and investors are advised to keep an eye on these key levels and market movements to make informed decisions regarding their USD positions in the current market environment.
