In opinion of the research team at UOB Group, the pair seems to have carved a short-term bottom in the 110.60 area. Key Quotes “The break above 113.00 suggests that USD has made a short-term bottom at 110.65. The current rebound is gaining momentum rapidly and from here, extension towards 114.00 and 114.50 would not be surprising”. “Support is at 112.50 and the next support at 112.00 is unlikely to come under threat, at least not for the next several days”. For more information, read our latest forex news.