According to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, the US Dollar (USD) is set to reach 154.50 as it continues to show downward momentum.
Analysis:
In the short term, the USD has broken below 156.25 and reached a low of 155.55. While it may be oversold, there is still potential for further decline, with the next major support level at 154.50. Resistance levels are at 156.15 and 156.40.
Looking ahead, if the USD stays below 155.35, the next level to watch is 154.50. Downward momentum is increasing, indicating a possible continued decline in the USD. On the upside, strong resistance is now at 157.15.
Implications for Investors:
For investors, a declining USD could impact various financial markets and investment opportunities. A lower USD may benefit exports but could also lead to higher import costs. It is important for investors to monitor currency movements and adjust their investment strategies accordingly.