The US Dollar (USD) is likely to trade in a range between 142.40 and 144.00. In the longer run, USD is likely to trade with a downward bias; the probability of it breaking the significant support at 140.80 is not high, UOB Group FX strategists Quek Ser Leang and Peter Chia note.

Probability of breaking below 140.80 is not high

24-HOUR VIEW: “We expected USD to trade in a range between 142.00 and 143.50 yesterday. USD then traded in a wider range than expected (141.94/143.79), closing at 143.17. The price action provides no fresh clues. Today, we continue to expect USD to trade in a range, likely between 142.40 and 144.00.”