FX Strategists at UOB Group noted the pair should find solid contention in the 112.00 neighbourhood in the next weeks.
“The strong 112.00 support was unthreatened as USD rebounded from a low of 112.30. Downward momentum has eased and USD is likely trying to form a short-term base”.
“From here, allow for a dip to 112.35/40 but 112.00 is expected to hold for a rebound to 113.05. At this stage, a sustained move above this level is not expected”.
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