Analysts at UOB Group see the pair’s decline as limited in the near term. Key Quotes “As highlighted in recent updates, while the next significant support is much lower at 106.50, the recent rapid and extended sharp drop in USD suggest low odds for extension lower”. “That said, confirmation that the current bearish phase has ended is only upon a break above 109.60”. “In the meanwhile, USD has to move back below the recent 107.60/65 low in the next few days or the downward pressure will continue to ease”. For more information, read our latest forex news.