The Kenya shilling has been facing a lot of headwinds, and with the central bank maintaining its monetary policy stance and keeping interest rates at the current rate, plus it is an election year, I see the shilling weakening further.
USDKES has been uptrending since January 2020.
USDKES held that low of Ksh 106.60 created in December 2020.
we might see a push to the upside circa Ksh 110.12 and if breaks this resistance zone at KSh 110.12 it will push up towards the highs of December 2020 circa Ksh 111.54
USDKES has been in a sideways movement since the high close of november 2020
it been ranging between 109.17 ksh to 110 ksh.
waiting for a break above to test that high wick of 111.52 ksh in december 2020.
our economy has taken a hit since corona virus disrupted businesses and jobs.