The UOB Group’s FX analysts Quek Ser Leang and Peter Chia predict that the USD will trade within a range of 145.70/147.50 in the near term. They also state that the USD’s upward momentum has slowed, and it is expected to consolidate within a range of 144.50/148.50 for the time being. In early Asian trading yesterday, they expected the USD to trade between 146.70 and 148.20 but the sudden increase in volatility resulted in a plunge to 145.58. However, the USD quickly recovered, and they anticipate it to trade sideways within a range of 145.70/147.50 today. Looking ahead, the analysts maintain their positive outlook on the USD, but also note that it may experience a few days of range trading due to overbought conditions. They continue to hold this view as long as the significant support level of 146.00 is not breached. However, the sudden decline to 145.58 suggests that the USD has entered a consolidation phase and may trade between 144.50/148.50 for the immediate future.