According to UOB Group FX analysts Quek Ser Leang and Peter Chia, the US Dollar (USD) is expected to trade in a range between 152.80 and 154.80. The weakness in USD appears to be stabilizing, and a breach of 155.00 would indicate that USD is not declining further.
Analysis: Is USD Stabilizing?
The 24-hour view suggests that USD is unlikely to weaken further, as oversold conditions and signs of slowing momentum indicate a potential stabilization. Today, USD is expected to trade between 152.80 and 154.80.
In the 1-3 weeks view, USD remains weak but the decline that started two weeks ago appears to be stabilizing. However, only a breach of 155.00 would confirm that USD is not declining further.
Understanding the Impact on Your Finances
For investors and individuals involved in forex trading, the stability or decline of the USD can have a significant impact on their finances. Monitoring the USD’s movements and key levels, such as 155.00, can help make informed decisions about investments and trading strategies.