The US Dollar (USD) is showing signs of stabilizing weakness, with analysts predicting a trading range between 146.30 and 147.70. According to UOB Group FX analysts Quek Ser Leang and Peter Chia, downward momentum is starting to decrease, and a breach of 148.30 could indicate a stabilization of USD weakness.
USD bulls may try to test 147.70
24-HOUR VIEW: Last Friday saw USD trading between 146.26 and 147.81, closing at 146.61 (-0.45%). With no significant increase in momentum, USD is expected to continue trading in a range, likely between 146.30 and 147.70 today.
1-3 WEEKS VIEW: In the previous analysis, it was noted that USD weakness had not stabilized, with a potential support level at 140.80. However, downward momentum is now diminishing, and a breach of 148.30 could signify a stabilization of USD weakness.
Analysis Breakdown:
In summary, the US Dollar is showing signs of stabilizing weakness, with the potential for bulls to test the 147.70 level. Traders should keep an eye on the breach of 148.30 as an indicator of USD strength or weakness. This analysis can help individuals make informed decisions about their investments and financial strategies, taking into account the current trends in the foreign exchange market.