The US Dollar (USD) is facing pressure in the financial markets, but according to UOB Group’s top FX strategists Quek Ser Leang and Peter Chia, it may not have enough strength to reach the critical level of 141.66 that was recorded earlier this month.
Short-Term Outlook for USD
24-HOUR VIEW: In the last trading session, the USD fluctuated between 144.44 and 146.59, closing near 145.26 (+0.01%). Despite the lack of clear direction in price action, there was a slight increase in upward momentum. Today, the USD is expected to see a modest uptrend, but breaking above 147.10 is unlikely. Support levels are at 145.80 and 145.25.
1-3 WEEKS VIEW: The outlook for the USD remains under pressure, with the possibility of testing the key support level of 141.66. However, if the USD manages to break above 148.00, it could signal a reversal of the current downward trend.
Expert Analysis and Implications for Investors
As the world’s top investment manager and financial market journalist, it is crucial to analyze the current situation of the USD. While the USD is facing downward pressure, it may not have enough momentum to reach the critical level of 141.66. Investors should closely monitor the support levels and potential breakout points mentioned by the experts.
Understanding the movement of the USD is essential for investors to make informed decisions about their finances. By following expert analysis and monitoring key support and resistance levels, investors can navigate the volatile currency markets with confidence.