As a renowned investment manager and financial market journalist, I am here to provide you with the latest insights on the USD’s performance in the forex market. According to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, the USD must break and remain below the 7.2037 low before further weakness can be expected.
USD Expected to Touch 7.2220 in the Short Term
24-HOUR VIEW: The recent sharp drop in USD, leading to a plummet to 7.2354, was unexpected. While the currency is currently oversold, it has not yet stabilized. As long as 7.2600 (with minor resistance at 7.2540) is not breached, USD could continue to drop below 7.2350, with the next support at 7.2200 remaining unthreatened.
1-3 WEEKS VIEW: After hitting a low of 7.2037, USD rebounded but further weakness is not ruled out. To expect a decline, the currency must break and stay below the 7.2037 low. The likelihood of this happening remains high as long as 7.2800 is not breached.
Analysis and Breakdown
For those looking to understand the current state of the USD in the forex market, it is important to note that further weakness is expected if the currency breaks below the 7.2037 low. This could have implications for investors and individuals involved in currency trading. It is essential to monitor the USD’s performance closely and consider the support levels mentioned by experts to make informed decisions regarding investments and financial strategies.