The US Dollar (USD) could strengthen further, but it remains to be seen if it can maintain the rapid pace of advance, UOB Group FX analysts Quek Ser Leang and Peter Chia note.  

The level to monitor is 7.1200

24-HOUR VIEW: “Last Friday, we expected USD to edge higher, but we were of the view that ‘any advance is unlikely to reach 7.0710.’ Instead of edging higher, USD surged, reaching a high of 7.1036. The sharp and swift rally appears to be overdone, and USD is unlikely to rise much further. Today, USD is more likely to trade in a range, probably between 7.0700 and 7.1050.”