24-hour view: After USD dropped to 145.66 on Tuesday, we indicated yesterday that “while there is no clear increase in downward momentum, USD could drop below 145.65.” However, we were of the view that “any decline is viewed as part of a broad 145.35/146.70 range.” USD then traded in a narrower range than expected (145.54/146.56). Today, USD is likely to continue to trade in a range, probably between 145.60 and 146.60.

Next 1-3 weeks: We continue to hold the same view as yesterday (30 Aug, spot at 146.00). As highlighted, the recent upward pressure has faded. For the time being, we expect USD to trade in a range between 144.50 and 147.20.