The US Dollar (USD) is anticipated to trade within a range of approximately 7.2680 to 7.2880 in the near term. According to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, downward momentum is re-emerging, with the USD needing to break and sustain a position below 7.2600 to trigger a potential decline to 7.2400.
24-Hour View:
Yesterday, it was noted that there was potential for the USD to fall below 7.2600, though it might struggle to maintain that position. The USD did dip to 7.2611 before rebounding slightly, closing at 7.2787, a modest gain of 0.09%. For today, analysts predict the USD will likely remain rangebound between 7.2680 and 7.2880.
1-3 Weeks View:
The outlook from yesterday (July 18, with the spot at 7.2680) remains unchanged. Analysts continue to see a build-up in downward momentum. However, for a decline to 7.2400 to materialize, the USD must break and hold below 7.2600. The probability of a significant drop below 7.2600 will remain if the USD does not exceed 7.2900.
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