The Potential Rise and Range of the US Dollar (USD)
In the world of forex trading, the US Dollar (USD) has been making waves with its potential for a significant rise. However, according to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, a sustained advance above the major resistance level of 145.50 is unlikely. Despite this, there is still room for growth as the USD continues to trade within a 140.00/146.00 range.
24-Hour View: Ups and Downs of the USD
– The recent price movements of the USD have been quite volatile, with unexpected highs and lows.
– While the USD soared to a high of 146.49, it quickly plunged to a low of 142.05, indicating a degree of instability.
– Looking ahead, a sustained decline below 142.00 is unlikely, with resistance levels at 143.70 and a potential breach at 144.50 to signal a stabilisation of weakness.
1-3 Weeks View: Shifting Stances on the USD
– A positive stance on the USD was taken on 17 Sep, with expectations of a stronger recovery towards 145.50 if it could break above 144.00.
– Despite the anticipation of a rise to 145.50, the USD’s momentum has not increased significantly, leading to a choppy trading pattern.
– The breach of the “strong support” level at 143.40 indicates a dissipation of upward momentum, with the USD expected to remain within a 141.00/146.00 range.
Understanding the Impact
The fluctuations in the USD’s value have far-reaching implications for global trade, investment opportunities, and individual financial decisions. As the USD continues to navigate within a defined range, investors and traders must stay informed and adapt their strategies accordingly.
By keeping a close eye on the USD’s movements and understanding the factors influencing its trajectory, individuals can make more informed decisions about their investments, savings, and financial future. Stay tuned for further updates on the USD’s performance and potential opportunities in the forex market.