The US Dollar (USD) is showing potential to rise to the major resistance level at 153.40, according to analysts from UOB Group. While the major resistance at 154.00 may be out of reach for now, the longer-term upward momentum remains strong. The analysts recommend monitoring the next level at 153.40, followed by 154.00, as the USD continues to strengthen.
In the 24-hour view, the analysts predict that the USD may trade within a range of 151.20 to 152.55. The currency opened on a strong note in early Asian trade, with the potential to rise to the major resistance at 153.40. However, they note that the major resistance at 154.00 is likely out of reach at the moment. Support levels for the USD are at 152.40 and 152.00, providing a guide for potential movements in the market.
Looking ahead 1-3 weeks, the analysts maintain their view of a higher USD since the beginning of the month. They note that upward momentum remains strong and continue to recommend monitoring the levels at 153.40 and 154.00. However, they caution that only a breach of 151.50, previously a ‘strong support’ level at 151.00, would signal a potential end to the USD strength, indicating the importance of monitoring key levels in the market.
Overall, the analysts from UOB Group remain bullish on the USD, with the potential for further strengthening towards the major resistance levels. While the major resistance at 154.00 may be challenging to reach in the short term, the currency is expected to continue its upward momentum towards the next level at 153.40. Support levels are crucial for monitoring potential downside movements in the market.
In conclusion, the US Dollar (USD) is poised for further gains, with the potential to rise to the major resistance level at 153.40. While the major resistance at 154.00 may be out of reach for now, the longer-term upward momentum remains strong. Analysts recommend monitoring key levels and support levels in the market to guide potential movements in the USD in the coming weeks. Overall, the outlook for the USD remains positive, with the potential for continued strength in the currency.
