The US Dollar Forecast: A Closer Look
Short-Term Outlook
According to UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann, the US Dollar (USD) is expected to trade within a range of 152.00 and 153.20 in the short term. Recent market movements indicate a pullback from the high of 153.18, suggesting that further upside may be limited. Today, the USD is more likely to consolidate within the mentioned range.
Medium to Long-Term View
Looking ahead, the analysts note that the USD has shown strong upward momentum, with the next key levels to watch being 153.40 and 154.00. The recent surge in USD strength has exceeded expectations, indicating a robust bullish trend. However, a breach of the strong support level at 151.00 could signal a potential reversal in the current uptrend.
Analysis and Implications
- Short-term trading range: 152.00 – 153.20
- Key resistance levels: 151.90, 153.40, 154.00
- Support level to watch: 151.00
Overall, the USD’s performance in the coming weeks will be crucial for investors and traders alike. Understanding the technical levels and market dynamics can help in making informed decisions regarding currency trades and investments.