The US dollar was holding steady this morning after a round of profit taking in riskier currencies that led to a strong rise in the global reserve currency.However, analysts have warned that the upward trend is likely to be short-lived as the currency is simply enjoying a bear-market bounce that will be wiped out as soon as profits have been taken.Jun Kato, senior chief analyst at Shinkin Central Bank Research Institute, told Reuters: "The dollar short-covering seems to be losing steam and the dollar bear market looks like it's coming back. But it's hard to bet on a certain direction and build large positions now."Meanwhile, Yoh Nihei, trading group manager at Tokai Tokyo Securities in Tokyo, said risk appetites appear to have strengthened during trading in Asia this morning, with high-yield currencies climbing against the dollar after its four-day rally.The yen was also down this morning as traders moved away from the haven currency and into riskier assets.