The US Dollar (USD) is expected to trade in a range, likely between 146.50 and 147.80. Bearish momentum is starting to wane; a break of 148.30 would mean that USD weakness has stabilised, note UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
Markets may rise to test 147.80
24 HOUR VIEW: “Yesterday, we detected “a slight increase in bearish momentum.” We expected the USD to move lower, but we highlighted that “since momentum is not strong, any decline is unlikely to break below 146.00.” Our view was not incorrect, as the USD briefly fell to 146.07, quickly rebounding to close at 147.31 (+0.33%). There has been no increase in either bearish or bullish momentum. Today, the USD is expected to trade in a range, likely between 146.50 and 147.80.”
1-3 WEEK VIEW: “Our update from three days ago (August 12, pair at 146.90) remains valid. As highlighted, bearish momentum is starting to wane, and a break of 148.30 (no change in the ‘strong resistance’ level) would mean that the recent USD weakness has stabilized.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
