Potential Upward Momentum for USD
Leading FX analysts Quek Ser Leang and Lee Sue Ann from UOB Group observe a growing upward momentum for the US Dollar (USD), with the possibility of a breakthrough above 144.00, signaling a potential rally towards 145.50.
24-Hour View
- Yesterday’s prediction of USD testing the major resistance at 144.00 came true as USD reached 143.94 before closing at 142.62 (+0.25%).
- However, with momentum slowing down and overbought conditions, further upside movement for USD is unlikely.
- Today’s forecast suggests USD will trade within a range of 141.50 to 143.80.
1-3 Weeks View
Building on the previous update, if USD can decisively break above 144.00, it could pave the way for a more robust recovery towards 145.50. The key support level at 141.00 must hold to maintain the possibility of USD surpassing 144.00.
Analysis and Implications
The potential upward movement for USD presents opportunities and risks for investors and traders alike. Understanding the technical levels and key support/resistance areas can help in making informed decisions in the currency market.
For those looking to take advantage of a potential rally in USD, monitoring the price action around 144.00 and 145.50 will be crucial. Traders should also be mindful of the support level at 141.00, as a breach could alter the bullish outlook for USD.
Overall, staying informed about the latest developments and technical analysis can enhance trading strategies and optimize investment decisions in the dynamic forex market.