The US Dollar (USD) could bounce further; a sustained rise above 144.50 is unlikely. In the long term, the bullish momentum has dissipated; The USD could continue to trade choppy but is likely to remain within a range of 140.00/146.00, note UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
USD will continue to trade choppy
24 HOURS VIEW: “Yesterday, we indicated that ‘USD weakness could retest the 142.00 level before stabilization is likely.’ We also indicated that ‘a sustained decline below 142.00 is unlikely.’ The USD then fell to 141.63 before rebounding strongly, reaching a high of 143.91 in NY trading. There has been an increase in momentum, and the USD could rebound further to 144.50 today, an increase. Sustained above this level is unlikely. Support levels are at 143.30 and 142.80.”
1-3 WEEKS VIEW: “Our update from yesterday (September 30, pair at 142.60) remains valid. As highlighted, the recent buildup of bullish momentum has dissipated. From here, the USD could continue trading in a choppy manner, but is expected to remain within a range of 141.00/146.00.”
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.
