The US Dollar (USD) is expected to increase in value according to analysts at UOB Group. However, they do not foresee the USD reaching the major resistance levels at 7.3000 and 7.3100.
In the short-term view, it is anticipated that the USD will continue to rise. Although there has been a slight increase in momentum, analysts believe that the USD will not reach the major resistance level at 7.3000. Another resistance level to keep an eye on is at 7.2945. Support levels are identified at 7.2830 and 7.2780.
Looking ahead to the next 1-3 weeks, analysts have been expecting the USD to strengthen since the previous week. Even though the USD has not made significant progress towards the resistance levels at 7.3000 and 7.3100, analysts maintain their view that further USD strength is likely. However, if the USD falls below 7.2700, it would indicate that the USD is not strengthening as anticipated.
It is important to note that the information provided by UOB Group contains forward-looking statements and involves risks and uncertainties. The content on these pages is for informational purposes only and should not be considered as investment advice. It is recommended to conduct thorough research before making any investment decisions.
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