According to renowned analysts Quek Ser Leang and Lee Sue Ann from UOB Group, the US Dollar (USD) is expected to continue its upward trend. However, reaching the key resistance level of 7.2050 may be out of reach for now.
Breaking Below 7.1500: A Possibility on the Horizon
24-HOUR VIEW: After a recent dip followed by a rebound, the USD is showing signs of stability. In a recent analysis, experts predicted a trading range of 7.1350 to 7.1630. Instead, the USD surged to 7.1843 in New York trading. With this momentum, further advancement is likely, although reaching 7.2050 may be a challenge. To sustain this momentum, the USD must stay above 7.1650 with support at 7.1750.
1-3 WEEKS VIEW: Despite a negative outlook on the USD in recent weeks, the currency has shown resilience. While the “strong resistance” level of 7.1850 has not been breached, upward momentum is building. Analysts predict a gradual rise in the USD, but reaching 7.2300 may not be feasible at this stage. However, a break below 7.1500 could indicate a shift in momentum.
Analysis: The USD is expected to continue its upward trajectory, although reaching key resistance levels may be challenging. Traders should monitor the support levels mentioned to gauge the currency’s future movements.