Title: USD Weakness Continues, Support at 148.20 Likely Out of Reach – UOB Group FX Strategists
In a recent analysis by UOB Group’s FX strategists Quek Ser Leang and Lee Sue Ann, it was noted that further weakness in the US Dollar (USD) is expected, with the significant support level at 148.20 likely to be out of reach.
In the short-term view, the USD may push towards 148.20, with support levels at 149.00 and resistance at 150.50. The price action suggests that USD remains oversold, indicating potential for further weakness.
Looking ahead to the next 1-3 weeks, the analysts predict that USD weakness is still intact, with a key level to watch at 148.20. As long as 152.80 is not breached, the downward trend is expected to continue.
In summary, investors should be prepared for continued weakness in the USD, with potential for further decline towards 148.20. It is crucial to monitor key support and resistance levels to navigate the volatile currency market effectively. This analysis provides valuable insights for traders and investors looking to optimize their forex strategies and maximize profits in the current market conditions.