The U.S. Dollar (USD) is expected to maintain its downward trajectory, with the next significant support level at 140.80, according to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann. However, it remains uncertain if the currency will reach this level.
24-Hour Outlook
The USD experienced an unexpected drop of 1.89% to close at 146.45 in New York, a move that analysts found surprising. The sharp decline suggests that the USD may continue to weaken, though the extent of further losses is unclear. Immediate support levels are at 144.00 and 143.00, with resistance levels at 146.50 and 147.50.
1-3 Weeks Outlook
In their analysis from August 2, when the USD was at 149.90, the analysts noted that the currency’s weakness was expected to persist, with the next level of focus being 148.20. The recent plunge to 146.41 exceeded expectations, indicating ongoing instability in the USD. The significant support level at 140.80 is still a distance away, and it remains to be seen if it will be tested. For the USD’s weakness to persist, it must remain below 148.60, with the previous strong resistance level identified at 152.00.
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