As the world’s top investment manager and financial market journalist, I am here to bring you the latest update on the US Dollar (USD) movement. According to UOB Group FX strategists Quek Ser Leang and Lee Sue Ann, the ‘strong resistance’ level for USD has shifted lower to 7.1460 from 7.1750.
USD May Try to Come Back to 7.1460
24-Hour View: The USD experienced a significant drop last Friday and the downward trend continues today. Despite being oversold, there is a possibility for USD to reach 7.0900 before showing signs of stabilisation. The next support level at 7.0636 may not come into play, with resistance levels at 7.1200 and 7.1300.
1-3 Weeks View: With the recent increase in downward momentum, USD is likely to continue edging lower as long as it remains below 7.1750. The potential for a decline to 7.0636 has increased, following a sharp drop of 0.42% last Friday. On the upside, the ‘strong resistance’ level has shifted lower to 7.1460.
Analysis: The shift in the ‘strong resistance’ level for USD to 7.1460 indicates a potential for further decline in the currency. Investors and traders should keep a close eye on the support and resistance levels mentioned to make informed decisions in their trading activities. This movement in USD can impact various financial markets and individuals’ finances, so it is crucial to stay updated on these developments.