According to leading FX analysts Quek Ser Leang and Lee Sue Ann from UOB Group, the US Dollar (USD) is facing pressure in the market, but it lacks the momentum to threaten the recent low of 141.66. The currency is expected to trade within a range, potentially between 144.40 and 146.50.
Bulls Eyeing 146.50 in the Near Term
24-Hour View: In the recent NY trading session, USD fluctuated between 144.44 and 146.59 before closing at 145.26 (+0.01%). The current price action suggests uncertainty, with USD likely to trade within a range of 144.40 to 146.50.
1-3 Weeks View: Despite a rebound to 149.39 last week, USD has since fallen to a low of 144.44. While downward momentum has picked up, it is not strong enough to break below 141.66. Another support level is seen at 144.00, with a potential upside if USD surpasses 148.00, indicating a reduction in downward pressure.
Analysis and Implications for Investors
For investors and traders, understanding the current USD trading range is crucial for making informed decisions. With the currency expected to fluctuate between 144.40 and 146.50, it provides an opportunity to plan entry and exit points for trades. Keeping an eye on key support and resistance levels, such as 141.66 and 148.00, can help in gauging market sentiment and potential price movements.
Overall, the outlook for USD remains uncertain, but with careful analysis and strategic planning, investors can navigate the market volatility and capitalize on potential opportunities.