According to UOB Group analysts Quek Ser Leang and Lee Sue Ann, the US Dollar (USD) is expected to trade within a range, potentially between 143.80 and 145.20. However, in the longer run, the USD remains under pressure, with an increased momentum that could see it reaching 141.66.
USD Poised to Break Above 145.20
24-HOUR VIEW: The USD rebounded from 143.67 to 145.04 before closing at 144.57 (+0.43%) yesterday, defying expectations of a decline. Today, UOB Group analysts anticipate the USD to trade within a range of 143.80 to 145.20.
1-3 WEEKS VIEW: Despite recent struggles to make significant downward progress, the USD is still under pressure, as highlighted in UOB Group’s previous analysis. The potential for the USD to reach 141.66 remains, as long as the strong resistance level of 145.70 holds.
Analysis: The USD is currently facing a range trading scenario, with a short-term outlook suggesting a potential breach above 145.20. However, in the longer run, the USD remains under pressure, with the possibility of reaching 141.66. Traders and investors should monitor these key levels closely to gauge the USD’s future direction and potential impact on their portfolios.