Dollar Price Forecast for Tuesday, Mehr 21, 1405: Possible Fall to the 258,000-Toman Range

After the dollar's pullback in Monday's trading, the currency market faces an important support level ahead of Tuesday. Lower demand, market-maker supply, and diplomatic developments could determine the next path of the US banknote. Whether the current support holds or breaks will define two different scenarios for upcoming trades.

After the retreat of the dollar price in Monday trading, the currency market is facing an important support range on the eve of Tuesday. Declining demand, market-making supply, and diplomatic developments can determine the next path of the American bill; But holding the current support or breaking it paint two different scenarios for trading ahead.

Sefir Arjan-Economic Group: The price of the dollar in trading on Monday, October 20, 1405, after retreating from higher levels, returned to the range of 261 thousand tomans and decreased compared to the previous trading day. The drop in demand, the management of currency supply by the market maker and the partial reduction of political concerns were among the factors that affected the trading process.

In a situation where traders follow political and economic developments, the support range of the dollar has become one of the important points of the market. The behavior of buyers at this level and the amount of currency supply can determine the direction of price movement in Tuesday's transactions.

In Monday's transactions, the dollar was first in the range of 262 thousand tomans, and then with a further decrease, it reached the channel of 261 thousand tomans. The decrease in trading demand and the increase in the caution of buyers are considered to be factors influencing this retreat.

Along with the internal variables of the market, diplomatic developments also continue to affect traders' expectations. Esmail Beqaei, the spokesman of the Ministry of Foreign Affairs, announced on Monday the continuation of the exchange of messages between Iran and the United States through mediators and announced that Tehran will convey its response after examining the American response regarding the proposal related to the Strait of Hormuz.

However, the continued exchange of messages alone does not mean reaching a definitive agreement, and any change in the political environment could affect currency market expectations.

In this situation, the range of 261 thousand Tomans is of special importance. Maintaining this level can provide the basis for the return of part of the demand; But its loss increases the possibility of price movement to lower ranges.

According to the analysis presented in Ambassador Arjan's report, if the decrease in demand and the effect of market maker supply continue in Tuesday's trading, the dollar may fluctuate in the range of 260 to 263 thousand tomans. In this situation, price stability or a limited decrease will be likely.

In the bullish scenario, if the support of 261 thousand tomans is maintained and more buyers enter the market, there is a possibility of the dollar moving to the range of 263 to 265 thousand tomans. Stabilizing the price above the level of 265 thousand tomans can also pave the way to the range of 267 thousand tomans.

On the other hand, if the support of 261 thousand tomans is broken and the supply of currency continues at the same time and the demand is not strengthened, there is a possibility that the dollar will retreat to the range of 258 to 260 thousand tomans.

Despite these scenarios, the definitive path of the dollar price cannot be predicted, and the realization of each of these possibilities depends on the conditions of supply and demand, political developments and the behavior of traders. The range of 261 thousand Tomans in the upcoming transactions will be one of the important levels for evaluating the short-term direction of the currency market.

The price of the dollar decreased on Sunday, October 19, 1405; The decrease in market maker's demand and supply, along with political uncertainties, has made the outlook of the foreign exchange market uncertain on Monday.

The dollar price was in a sensitive range in trading on Wednesday, October 8; Where the decrease in the acceleration of the ascent on the one hand and the permanence of the rate at higher levels on the other hand have complicated the market equations for Thursday. Traders are now looking at some key levels and signals that could determine the next direction of the US dollar. Read tomorrow's dollar price forecast below.

The price of the dollar increased on Monday, September 23, and ended its work in the range of 231 thousand tomans. The postponement of the Oman meeting and increasing uncertainty about regional developments have once again strengthened the cautious demand in the currency market. Now traders are looking at the range of 231 to 232 thousand tomans and the possible path of the dollar in Tuesday's trading.