According to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, the US Dollar (USD) is expected to continue its downward trend with the next significant support level at 140.80.
USD Slides Towards 140.80
24-Hour View: The recent selloff has caused USD to drop by 1.89%, reaching a NY close of 146.45. While the decline is expected to continue, the extent of the fall remains uncertain. Support levels are at 144.00 and 143.00, with resistance levels at 146.50 and 147.50.
1-3 Weeks View: Despite previous expectations of USD weakness at 148.20, the currency unexpectedly plummeted to 146.41. The next major support level is at 140.80, but its likelihood of being reached is uncertain. As long as USD does not breach the 148.60 resistance level, its weakness will persist.
Analysis and Conclusion
For investors and traders, the ongoing weakness of the US Dollar presents both risks and opportunities. With the currency expected to continue its downward trend, those holding USD may experience losses. On the other hand, those who have diversified their portfolios and invested in assets that benefit from a weaker dollar may see gains.
It is important for individuals to stay informed about the latest developments in the foreign exchange market and consider adjusting their investment strategies accordingly. By paying attention to expert analysis and forecasts, investors can make informed decisions to protect and grow their wealth.