Analysts from UOB Group forecast that the US Dollar (USD) is expected to trade within a sideways range between 7.2750 and 7.2910. Key resistance levels identified are at 7.3000 and 7.3100, highlighting potential barriers for further upside movement.
In the short-term view over the next 24 hours, analysts noted a continuation of sideways trading patterns, with the USD likely to consolidate within a narrower range of 7.2750 to 7.2910. Despite slightly softened underlying tones, the currency closed marginally lower at 7.2830, reflecting ongoing lateral movement.
Looking ahead to the 1-3 week horizon, analysts maintained expectations for USD strength, originally forecasted since the previous week. Despite a recent high of 7.2937 followed by a minor retracement, momentum indicators suggest sustained bullish sentiment unless the USD breaches below 7.2700, a level regarded as strong support.
In summary, the outlook from UOB Group indicates a consolidation phase for the USD within specified ranges, with resistance levels at 7.3000 and 7.3100 potentially influencing future movements, while ongoing market dynamics will play a crucial role in determining the currency’s direction in the coming weeks.
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