There is still scope for the pair to visit the 114.50 region in the near term, according to FX Strategists at UOB Group.

Key Quotes

“We indicated last Friday that ‘the current rebound from the 111.55/60 low seen earlier this week appears to have ample momentum to extend further to 114.50’.

“The price action since then is in line with our expectation and a break above 114.50 would increase the prospect for a move towards the 115.35/40 high seen in late January”.

“At this stage, the odds for a sustained break above 115.35/40 are not high. Overall, the current positive undertone for USD would ease only when 112.60 is taken out (113.20 is already a strong short term support)”.