According to analysts from UOB Group, the US Dollar (USD) is expected to trade within a range of 160.20 to 161.00, with signs pointing to further strength in the near term. Resistance levels are noted at 161.00 and 161.50.
24-Hour View:
Following a recent surge, the USD traded in a narrow range between 160.27 and 160.86, closing near unchanged at 160.74 (-0.03%). This price action suggests a phase of range trading. Today, analysts predict the USD will likely trade within the range of 160.20 to 161.00.
1-3 Weeks View:
The outlook remains consistent with previous assessments, maintaining that while conditions indicate the USD is overbought, strong momentum indicates potential for further strength. Key resistance levels stand at 161.00 and 161.50. Conversely, a breach of 159.40 would signal a weakening USD and potentially mark the end of the recent strength observed since early last week.
Investors and traders are advised to monitor these levels closely for potential shifts in market sentiment and trading strategies.
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