During Tuesday’s trading session, the currency exchange rate broke the resistance of the 61.80% Fibonacci retracement level to end the trading session at the 112.70 mark. During Wednesday morning hours, the US Dollar was located between the 55-hour and the 200-hour simple moving averages to trade at the 112.87 mark.
In regards to the near-term future, most likely, the US Dollar will be resisted by the monthly pivot point at the 112.96 mark to trade downwards at the 112.40 level during the trading session on Wednesday.
On the other side, the rate could break the resistances of the 200-hour SMA and the monthly PP at 112.96 to trade near the weekly pivot point at the 113.00 level
