During Thursday’s trading session, the currency exchange rate was testing the monthly pivot point at 112.96 to end the trading session at the 112.96 mark. During Friday morning hours, the US Dollar was supported by the 100-hour simple moving average to trade at the 112.81 mark.
In regards to the near-term future, the US Dollar will move downwards to meet the large ascending pattern line at the 112.72 mark. Afterwards, most likely, the US Dollar will trade sideways to stay at the 112.60 level during the trading session.
However, the US Dollar could pass through the supports of the large ascending pattern line and the 61.80 % Fibo at 112.72 to move downwards to trade at 112.40.
