In opinion of the research team at UOB Group, the pair remains poised for further consolidation in the next weeks.
Key Quotes
“USD traded sideways as expected with a range of 113.15/114.25 which is close to our expectation of 113.10/114.15. The daily closing is almost unchanged and the short-term outlook remains mixed for now. Expect further range trading, likely between 113.30 and 114.35”.
“There is no change to the neutral view as USD traded in a range last Friday. As indicated previously, only a clear break out of the expected 112.50/114.55 would indicate the start of a directional move”.
