FX Strategists at UOB Group noted the pair’s stance remains on the neutral side, adding that a strong resistance lies at 111.50. Key Quotes 24-hour view: “We expected a higher USD yesterday but held the view that “the major 111.50 resistance is likely out of reach”. USD subsequently hit a high of 111.35 before staging a surprisingly sharp and rapid drop. USD has likely made a short-term top at 111.35 and the current movement is viewed as part of a correction phase. While the immediate bias is on the downside, any USD weakness is viewed as part of a 110.50/111.20 consolidation range”. Next 1-3 weeks: “We have held the same view since last Monday (02 Jul, spot at 110.75) wherein “USD is to stay supported but any strength is unlikely to be sustained”. After trading mostly sideways since then, USD perked up in overnight trading and is currently approaching last week’s peak at 111.13. A move above 111.13 seems likely but the next level at 111.50 is a major level and is expected to offer solid resistance. To put it another way, the prospect for a clear break above 111.50 does not appear to be high at this stage. On the downside, only a break of the ‘key support’ at 110.30 (level previously at 110.10) would indicate that the current upward pressure has eased”. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Brexit: The day of reckoning – Rabobank FX Street 4 years FX Strategists at UOB Group noted the pair's stance remains on the neutral side, adding that a strong resistance lies at 111.50. Key Quotes 24-hour view: "We expected a higher USD yesterday but held the view that "the major 111.50 resistance is likely out of reach". USD subsequently hit a high of 111.35 before staging a surprisingly sharp and rapid drop. USD has likely made a short-term top at 111.35 and the current movement is viewed as part of a correction phase. While the immediate bias is on the downside, any USD weakness is viewed as part of a 110.50/111.20… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.