The US Dollar (USD) is expected to continue to trade in a higher range of 147.50/148.70, according to experts at UOB Group. The potential for the USD to break above 149.40 is also being considered by analysts Quek Ser Leang and Peter Chia. In the short-term, the USD is expected to trade within a range of 147.50/148.70 based on current market conditions.
The 24-hour view suggests that the USD has entered a range trading phase and is likely to trade between 147.50 and 148.70. Despite this, there is a slightly firmed underlying tone that suggests a possible higher range of 147.50/148.70. The USD closed at 148.19 on the previous day, showing a minimal increase of 0.01%. Further range trading is anticipated in the short term based on the current market sentiment.
Looking ahead to the 1-3 weeks view, analysts expect the USD to continue its upward trajectory, potentially breaking above 149.40. If the USD were to break below the strong support level of 146.40, it would indicate that the currency is not likely to rise further. The view remains valid as analysts continue to monitor market trends and fluctuations in the USD exchange rate.
Overall, the outlook for the USD is positive, with experts predicting a potential break above 149.40 in the longer run. Despite short-term range trading, the USD is expected to maintain its upward momentum and continue to rise. Traders and investors should keep a close eye on market developments and fluctuations in the USD exchange rate to make informed decisions regarding their investments and trading strategies.
