During Wednesday’s trading session, the currency exchange rate passed through the support of the 55-hour SMA to end the trading day at the 112.73 mark. On Thursday morning, the US Dollar was resisted by the weekly pivot point at 112.96 to trade at the 112.30 mark.
In regards to the near-term future, the US Dollar will be supported by the 61.80 % Fibo and the monthly R1 at 112.73 to break the resistances of the 55-hour SMA and the weekly PP at the 112.96. Most likely, the rate will surge to the monthly R2.
On the other side, the US Dollar could depreciate to pass through the 100-hour and the 200-hour SMAs during the trading session on Thursday.
