The US Dollar (USD) is currently facing a major resistance at 151.00, but analysts believe that it may not be able to maintain its position above this level in the long run. According to UOB Group’s FX analysts Quek Ser Leang and Peter Chia, there has been a clear increase in momentum and if the USD manages to break above 151.00, the focus will shift to 152.00.
In the 24-hour view, analysts expected the USD to trade in a range of 149.00/150.00. However, the USD dropped to 149.07 before experiencing a sharp rally, reaching a high of 150.88 in New York trade. The swift increase in momentum suggests further USD strength, but overbought conditions indicate that it may struggle to maintain a foothold above 151.00. The next resistance is seen at 151.50, with support levels at 150.30 and 150.00.
Looking ahead 1-3 weeks, analysts have maintained a positive stance on the USD since early this month. Despite dropping close to 149.00 and reaching a low of 149.07, the USD rebounded strongly to 150.88. This time, there has been a significant increase in momentum, leading analysts to believe that if the USD breaks above 151.00, the focus will shift to 151.90. The strong support level has now been raised to 149.45 from 149.00.
In the longer run, there is a clear increase in momentum for the USD. Analysts believe that if the USD manages to break above the major resistance at 151.00, the focus will then shift to 152.00. However, there are concerns about the USD’s ability to maintain its position above this level due to overbought conditions. The next resistance level is at 151.50, while support levels are at 150.30 and 150.00.
With the USD facing a major resistance at 151.00, analysts are closely watching its movements. The USD dropped to 149.07 before rallying to 150.88 in New York trade, suggesting further strength. However, overbought conditions may prevent the USD from maintaining its position above 151.00. The next resistance level is at 151.50, with support levels at 150.30 and 150.00.
Analysts have a positive outlook on the USD in the short term, with a focus on the 152.00 level if it breaks above 151.00. The USD experienced a sharp rally to 150.88 after dropping to 149.07, indicating increased momentum. Despite concerns about overbought conditions, analysts believe that the USD may continue to strengthen in the coming weeks. Support levels have been raised to 149.45, with resistance at 151.50.
