According to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, the US Dollar (USD) is forecasted to trade within a range of 7.1150 and 7.1450, with a likelihood of edging lower in the near future. Despite the mild downward pressure, the analysts believe that the USD is unlikely to reach July’s low of 7.0636.
24-Hour View: Range-Bound Trading Expected
Yesterday, the USD traded between 7.1135 and 7.1393, closing at 7.1325 with a slight increase of 0.22%. However, there has been no significant rise in momentum. Today, the USD is anticipated to continue trading within a range, possibly between 7.1150 and 7.1450.
1-3 Weeks View: Potential for Downward Movement
After three consecutive days of lower closes, the USD saw a slight uptick yesterday at 7.1325 (+0.22%). The recent price action has led to a mild increase in downward momentum. As long as the USD remains below 7.1750, it is expected to edge lower in the coming days. However, the analysts believe that any decline is unlikely to reach the low of 7.0636 seen in July.
Expert Analysis and Implications
For investors and traders, the forecast of the USD edging lower in the coming days suggests potential opportunities for short-term gains in the currency markets. It is important to monitor the USD’s movements closely and consider the analysts’ insights when making financial decisions. By staying informed and proactive, individuals can capitalize on market trends and protect their investments.