The US Dollar (USD) is anticipated to trade within a range of 160.80 to 161.90, with analysts from UOB Group, Quek Ser Leang and Peter Chia, noting that while upward momentum is beginning to slow, a breach of 160.45 would be required to suggest that the USD is not strengthening further.
Short-Term Outlook: Mixed Signals
In the past 24 hours, the USD deviated from the anticipated sideways trading range of 161.20/161.80, plunging to 160.76 before rebounding sharply to close at 161.68 (+0.15%). This volatility has resulted in a mixed outlook, and for today, analysts predict the USD could trade between 160.80 and 161.90.
Medium-Term Outlook: Monitoring Key Levels
Over the past few weeks, a stronger USD has been expected. In their recent analysis, UOB Group highlighted that breaking above 162.00 would set the next target at 163.00. However, they emphasized that only a breach of the strong support level at 160.45 would indicate an end to the USD’s strength. Despite the brief dip to 160.76, the upward momentum is still in play, albeit slowing down.
Analysts and traders are closely watching these key levels to determine the future direction of the USD.
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