The research team at UOB Group has noted the relevance of the 112.00 handle in the pair’s outlook for the near term. Key Quotes “While USD touched a low of 111.04 yesterday, it rebounded strongly to close above 112.00”. “The undertone is clearly negative but we are not convinced that the current price action is the start of a sustained down-move unless there is a daily closing below 112.00”. “That said, this pair is expected to remain under pressure unless it can reclaim the strong 113.00 resistance”. For more information, read our latest forex news.