The recent decline in the US Dollar (USD) appears to have stabilised, with experts predicting that it will likely trade within a range of 7.1350 to 7.1630 today. While there has been a boost in downward momentum, analysts are unsure if this will be enough for the USD to break below 7.0635, according to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
Bulls Push Towards 7.1630
24-HOUR VIEW: “While we expected USD to continue its decline yesterday, we noted that the support at 7.1300 may be out of reach. During NY trading, USD briefly dropped to 7.1317 before rebounding to close at 7.1475 (-0.02%). The decline seems to have stabilised, and today, USD is expected to trade within a range of 7.1350 to 7.1630.”
1-3 WEEKS VIEW: “Following the recent decline in USD, we mentioned that while downward momentum has increased, it remains uncertain if it will be enough for USD to break below 7.0635. Our view remains the same, with a downward bias as long as 7.1850 is not breached.”
Analysis:
The US Dollar’s stabilisation and expected trading range of 7.1350 to 7.1630 present both challenges and opportunities for investors. It is crucial for investors to monitor the USD’s movements closely, as a break below 7.0635 could signal further declines. On the other hand, breaching the resistance level of 7.1850 could indicate a reversal in the USD’s downward trend. This information is vital for anyone with investments or financial interests tied to the USD, as it can impact their portfolios and financial decisions. Stay informed and stay ahead in the financial markets with the latest updates on the US Dollar’s movements.