The Future of the US Dollar: Expert Analysis and Predictions
USD Trading Range Forecast
According to UOB Group’s FX analyst Quek Ser Leang and Lee Sue Ann, the US Dollar (USD) is expected to trade within a sideways range between 7.2450 and 7.2660 in the near term. However, in the longer run, momentum is building once again, with the potential for USD to break above 7.2800. The analysts caution that while this level may be reached, it is too early to determine if 7.3115 is within reach.
24-Hour View
- After a sharp rally in early Asian trading, USD is expected to trade in a sideways range between 7.2450 and 7.2660.
- While there was upward pressure leading to a high of 7.2730, the pullback indicates a potential easing of this pressure.
1-3 Weeks View
- Momentum is seen to be building once again for USD.
- There is a possibility for USD to break above 7.2800, but the analysts are cautious about reaching 7.3115.
- A breach of 7.2200 would signal the end of USD strength seen earlier in the month.
Analysis and Implications
For investors and individuals with exposure to USD, the expert analysis provides valuable insights into the potential movements of the currency. By understanding the forecasted trading range and the levels to watch for, stakeholders can make informed decisions about their investments and financial strategies. The cautionary notes about potential resistance levels highlight the importance of monitoring market developments closely.