Title: USD Forecast: Will the Dollar Break Below 7.2037 to Signal Further Weakness? Expert Analysis
As the world’s top investment manager and financial market journalist, I bring you the latest on the US Dollar (USD) trading range. According to UOB Group FX analysts Quek Ser Leang and Peter Chia, the USD is expected to trade in a range of 7.2300/7.2650. However, for further weakness to be expected, the USD must break and stay below the key level of 7.2037.
In the short-term view, we saw the USD unexpectedly dive to 7.2037 before rebounding to 7.2405. This rebound suggests that the USD is unlikely to weaken further in the immediate future, with a projected trading range of 7.2300/7.2650.
Looking ahead to the next 1-3 weeks, the USD outlook remains negative as it hovers around 7.2037. To signal further weakness, the USD must break and sustain below this level. The key resistance level to watch is 7.2800, with a breach of this level indicating a stronger downward trend.
In summary, the USD is currently at a critical juncture, with the potential for further weakness if it breaks below 7.2037. As an investor or individual interested in currency markets, it’s essential to keep a close eye on these levels to make informed decisions about your finances. Stay tuned for more updates on the USD and its impact on global markets.