Еру next significant support level is some distance away at 140.80, but it remains to be seen if this level will come into view, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann notes.

The next strong support is at 148.30

24-HOUR VIEW: “After USD plunged to 141.66 on Monday and snapped back up, we indicated yesterday (Tuesday) that ‘downward momentum appears to be slowing.’ We expected USD to trade in a range between 142.60 and 148.00. USD then traded in a narrower range of 143.60 and 146.36, closing little changed at 144.30 (+0.09%). Today, we continue to expect USD to trade in a range, probably between 143.50 and 146.20.”

1-3 WEEKS VIEW: “In our most recent narrative from Monday (05 Aug, spot at 145.25), we noted that ‘the weakness in USD has not stabilised.’ We pointed out that ‘the next significant support level is some distance away at 140.80, but it remains to be seen if this level will come into view.’ We continue to hold the same view. Overall, the USD weakness is intact as long as 148.30 (‘strong resistance level previously at 148.60) is not breached.”