Based on the analysis provided by UOB Group analysts, here is a summarized overview of the USD‘s expected movements:
Short-Term View (24-Hour):
USD is anticipated to edge higher, but significant resistance is expected around 7.2945 and 7.3000. Support levels are identified at 7.2830 and 7.2780. The overall trend suggests a cautious optimism for a slight upward movement.
Medium-Term View (1-3 Weeks):
There has been an expectation for USD to strengthen since the previous week. Resistance levels at 7.3000 and 7.3100 remain pivotal. If USD fails to breach these levels and instead drops below 7.2700, it would indicate a potential shift in momentum, suggesting that further strengthening may not materialize in the near term.
Overall, while there is a bias towards USD strength in the medium term, caution is advised around the resistance levels mentioned, particularly 7.3000 and 7.3100, which are crucial for determining the continuation of the upward trend.
