The US Dollar (USD) Expected to Edge Lower, Near Term Target at 7.0636
In a recent analysis by UOB Group FX strategists Quek Ser Leang and Peter Chia, it has been predicted that the US Dollar (USD) is likely to experience a mild downward pressure, potentially leading to a decrease in value. However, the decline is not expected to reach July’s low of 7.0636.
24-HOUR VIEW: The USD was expected to trade within a range of 7.1150 and 7.1450, but ended up closing at 7.1460 with a slight increase in momentum. While there may be a possibility of the USD edging higher in the short term, any advancement is expected to be limited to a test of 7.1550, with support levels at 7.1370 and 7.1280.
1-3 WEEKS VIEW: The analysis from yesterday remains valid, with a focus on the USD remaining below 7.1750 to continue its downward trend. Despite the mild pressure, the decline is not likely to reach the low of 7.0636 seen in July.
Analysis: In simpler terms, the US Dollar is expected to decrease in value in the near future, with a target set at 7.0636. This could have implications for individuals and businesses involved in international trade or investments, potentially affecting their financial decisions. It’s important to stay informed about these market trends to make wise financial choices.