Slight increase in downward momentum is likely to lead to a lower range of 7.1170/7.1280. In the longer run, USD has likely entered a range-trading phase between 7.1120 and 7.1330, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
US Dollar (USD) slipped further overnight, in line with our earlier technical caution – that we were monitoring for signs that the USD rebound has turned its course. Indeed, the runup failed to break above 200dma and turned lower.
The Euro (EUR) trades slightly higher against the Swiss Franc (CHF) on Thursday, with the pair fluctuating in choppy conditions as traders digest Eurozone and Swiss economic data along with central bank commentary.