FX Strategists at UOB Group noted the pair’s upside could be limited around the 109.00 neighbourhood in the near term.

Next 1-3 weeks: “Our view for USD to “extend its weakness” did not really materialize as it traded sideways for most of last week. Downward momentum has eased considerably and while the current ‘negative phase’ in USD is still intact, the odds for further weakness have diminished. However, only a break of 109.30 (no change in ‘key resistance’ level) would indicate that the end of the ‘positive phase’ and the start of a ‘sideway-trading phase’”.