According to UOB Group FX strategists Quek Ser Leang and Peter Chia, the US Dollar (USD) is expected to trade within a range of 142.40 and 144.00. While there is a downward bias in the longer run, the probability of it breaking the significant support level at 140.80 is not high.
Analysis and Forecast
In the short term, USD is expected to trade between 142.40 and 144.00, with no clear direction indicated by recent price action. However, in the next 1-3 weeks, there is a downward bias for USD. Despite this, the likelihood of USD breaking below the support level of 140.80 is low. In order to maintain momentum, USD must not surpass the strong resistance level at 144.00.
Overall, investors should keep an eye on the trading range of USD between 142.40 and 144.00, while also monitoring the support level at 140.80 and resistance level at 144.00. Making informed decisions based on these levels can help navigate the fluctuations in the USD market and potentially optimize investment strategies.