The US Dollar (USD) is expected to trade within a range of 146.50 to 148.00, with signs of downward momentum starting to diminish. A breach above 148.30 would indicate a stabilization in USD weakness.
Potential for a Sustained Move towards 148.30
24-Hour View: Yesterday, USD was projected to range between 146.30 and 147.70, but ended up trading in a higher range of 146.69 to 148.22 before closing at 147.19 (-0.06%). With no significant increase in momentum, we anticipate USD to continue trading within a range, likely between 146.50 and 148.00.
1-3 Weeks View: The update from yesterday, with spot at 146.90, remains relevant. The diminishing downward momentum suggests that a breach above 148.30 would signify a stabilization of USD weakness, with no changes in the identified ‘strong resistance’ level.
Analysis:
The forecast for the US Dollar (USD) indicates a potential stabilization in its weakness as downward momentum wanes. Traders and investors should monitor for a sustained move above 148.30, which could signal a shift in market sentiment towards the USD. This development could impact various financial markets and may present trading opportunities for individuals looking to capitalize on potential currency fluctuations.