The US Dollar (USD) is showing signs of stability as it is expected to trade within a range of 146.50 to 147.80, according to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann. The downward momentum is starting to weaken, and a breach of 148.30 would indicate a stabilization of USD weakness.
Markets Poised to Test 147.80 Level
24-HOUR VIEW: Yesterday, there was a slight increase in downward momentum, leading to a temporary drop in USD to 146.07 before rebounding to close at 147.31. With no significant increase in momentum, USD is expected to trade within the range of 146.50 to 147.80 today.
1-3 WEEKS VIEW: The analysis from three days ago remains valid, with downward momentum showing signs of waning. A breach of 148.30 would indicate that the recent weakness in USD has stabilized.
Expert Analysis and Market Outlook
Overall, the US Dollar is expected to stabilize within the mentioned range, with potential for a push towards the 147.80 level. Investors should keep an eye on the breach of 148.30 as an indicator of USD strength. Understanding these market dynamics can help individuals make informed decisions about their investments and financial strategies.