During Monday’s trading session, the US Dollar appreciated by 115 pips or 1.02% to end the trading session at the 113.08 mark. During Tuesday’s morning hours, the rate was supported by the 200-hour SMA to trade at the 113.12 mark.
In regards to the near-term future, the US Dollar will trade sideways between the monthly PP at 113.34 and the weekly PP at 112.93 mark. In addition, the 100-hour and the 55-hour SMAs will support the rate near the weekly PP at 112.93 mark.
On the other side, the rate could appreciate against the Japanese Yen during today’s US PPI data release at 13:30 GMT to push the rate to trade near the weekly R1 at the 113.62 level.
