According to analysts Quek Ser Leang and Lee Sue Ann from UOB Group, the US Dollar (USD) is anticipated to experience further decline, yet the support level around 7.2800 is expected to hold firm. In the short term, they observe that downward momentum is gaining traction, although it remains modest. Yesterday, USD approached a low of 7.2917, staying above the critical support at 7.2800. Another support level is identified at 7.2860, while minor resistance lies near 7.3030 with a lesser barrier at 7.2980.
Looking ahead over the next 1-3 weeks, the analysts maintain their stance that any previous upward momentum has largely dissipated. They foresee the USD trading within a range of 7.2700 to 7.3100, characterizing the current market movement as part of a consolidation phase.
Overall, while short-term declines are anticipated, the broader outlook suggests stability within the specified trading range for the foreseeable future.
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