According to top financial analysts Quek Ser Leang and Lee Sue Ann from UOB Group, the US Dollar (USD) is on a downward trend. If the key level of 7.1130 is not breached, the USD could continue to decline. Although the likelihood of it reaching 7.0636 is not high at the moment, there is a possibility of further drops in the longer run. The recent boost in momentum has increased the chances of USD potentially breaking below 7.0636, leading to significant market shifts.
Expert Insights on USD Movement
24-Hour View: The unexpected sharp selloff in USD has led to a significant decline, with the currency plunging by 0.52% to 7.0943. The increase in momentum suggests that if the minor resistance level at 7.1130 is not breached, USD could continue its downward trend. However, the analysts note that the possibility of it reaching the low of 7.0636 is currently low, with another support level at 7.0770 providing some stability.
1-3 Weeks View: Recent market movements have indicated a potential decline in USD, with the currency dropping to a low of 7.0859. The boost in momentum has raised the chances of USD breaking below 7.0636 and potentially reaching 7.0400. On the upside, the resistance level has shifted to 7.1350. Overall, the analysts suggest keeping a close eye on these key levels for potential market impacts.
Analysis: The current trend in USD suggests a continued decline in the currency value, with key support and resistance levels playing a crucial role in market movements. Investors and traders should monitor the situation closely to make informed decisions about their portfolios. The potential for USD to break below 7.0636 could have significant implications for global markets and individual financial strategies. Stay tuned for further updates on this developing market trend.
