The US Dollar (USD) Set to Weaken Further with Key Resistance at 148.30
In a recent analysis by UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, it has been predicted that the US Dollar (USD) is expected to edge lower in the coming days. Despite some minor fluctuations, any decline is unlikely to break below 146.00. However, if the USD manages to breach the key resistance level of 148.30, it could indicate a stabilization of weakness in the currency.
In the short term, USD is expected to continue trading within a range, with resistance at 147.55 and 148.00. On a longer-term perspective, a breach of 148.30 would signal a potential turning point for the USD’s weakness.
Analysis:
For investors and traders, this information is crucial as it provides insights into the potential movements of the USD in the near future. By keeping an eye on the key resistance level at 148.30, they can make informed decisions about their investments and trading strategies. It is important to monitor the USD’s performance closely to capitalize on any opportunities that may arise from its fluctuations.