During Friday’s trading session, the currency exchange rate passed through the support of the weekly pivot point at 113.47 to end the trading session at the 113.55 mark. On Monday morning, the US Dollar was located between the weekly pivot point and the monthly pivot point at the 113.44 mark.
In regards to the near-term future, most likely the US Dollar will surge towards the weekly R1 at 114.07 due to the supports of the monthly pivot point at 113.34 and the 200-hour simple moving average at 113.32.
However, the US Dollar could be resisted by the resistance levels of the 55-hour SMA and the weekly pivot point at 113.47 to push the rate to trade at 113.00 level.
